BEDFORD, Mass., Oct. 2, 2017 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced that
it has closed the previously announced acquisition of Robopolis SAS
(Robopolis), based in Lyon,
France. The preliminary purchase price of $141 million, is subject to normal purchase price
adjustments and is expected to be finalized no later than Q1
2018.
Europe is a key strategic
region for iRobot and provides an excellent opportunity for further
growth. As announced on July 25, 2017, the acquisition will enable
iRobot to capitalize on the current market momentum, driving
accelerated adoption of robotic floor cleaners. The EMEA region
comprised approximately 25% of iRobot's 2016 consumer revenue.
Robopolis represented nearly half of iRobot's EMEA revenues in
2016.
With the acquisition, iRobot will further extend its overseas
control of market activities, including consistent global
messaging, that will help drive greater adoption of robotic vacuum
cleaners and affirm iRobot's segment leadership.
"As iRobot expands globally, we are excited about the current
and future opportunities in Europe," said Colin
Angle, chairman and chief executive officer of iRobot. "With
the closing of this acquisition, we welcome a team that has already
solidified iRobot's market leading position in Europe and is well positioned to drive
continued growth in the region."
Led from the London, UK office,
iRobot will maintain operations in Germany, Spain, France, Belgium, Austria, the
Netherlands, and Portugal.
The existing Robopolis management team will join
iRobot. Jean-Jacques Blanc, currently iRobot's vice president
and general manager, Overseas, will lead the combined operations
reporting to iRobot's chief operating officer Christian
Cerda.
Denis Guyennot, the CEO of Robopolis, was instrumental in
establishing iRobot as the leading consumer robotics brand in
Western Europe. Denis will remain
with iRobot as a consultant to ensure a successful integration of
Robopolis and iRobot.
Additional financial details will be provided as part of
iRobot's earnings call on October 25,
2017.
About iRobot Corp.
iRobot, the leading global consumer robot company, designs and
builds robots that empower people to do more both inside and
outside of the home. iRobot created the home robot cleaning
category with the introduction of its Roomba® Vacuuming Robot in
2002. Today, iRobot is a global enterprise that has sold more than
20 million robots worldwide. iRobot's product line, including the
Roomba and the Braava™ family of mopping robots, feature
proprietary technologies and advanced concepts in cleaning, mapping
and navigation. iRobot's engineers are building an ecosystem of
robots and data to enable the smart home. For more information
about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based
on historical information are forward-looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements relating to
iRobot Corporation's expectations concerning future growth in
Europe and management's plans,
objectives and strategies. These statements are neither promises
nor guarantees, but are subject to a variety of risks and
uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those contemplated
in these forward-looking statements. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
iRobot undertakes no obligation to update or revise the information
contained in this press release, whether as a result of new
information, future events or circumstances or otherwise. For
additional disclosure regarding these and other risks faced by
iRobot, see the disclosure contained in our public filings with the
Securities and Exchange Commission including, without limitation,
our most recent Annual Report on Form 10-K.
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SOURCE iRobot Corp.