Acquisition further accelerates Zebra’s growth
in intelligent industrial automation as part of the company’s focus
on robotics in customer-centric solutions
Zebra Technologies (NASDAQ: ZBRA), an innovator at the front
line of business with solutions and partners that deliver a
performance edge, today announced it intends to acquire Fetch
Robotics, a pioneer in on-demand automation. Fetch’s Autonomous
Mobile Robots (AMRs) are used for optimized picking in fulfillment
centers and distribution centers, just-in-time material delivery in
manufacturing facilities and automating manual material movement in
any facility.
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"This acquisition is a continuation of
what we expect to be a series of innovations that reflect our
commitment to creating solutions that help our customers improve
their operations through robotics." - Bill Burns, Chief Product
& Solutions Officer, Zebra Technologies. (Photo: Business
Wire)
Fetch features the largest portfolio of AMRs in the industry and
offers seamless integration with warehouse and manufacturing
systems without the need for changes to facilities or
infrastructure. Workflow Builder, Fetch’s drag and drop workflow
development studio, enables out-of-the-box automation so that
customers and partners can deploy automated material handling
workflows in hours instead of months. Fetch Robotics’ AMRs help
reduce the impact of labor shortages by improving throughput,
efficiency and productivity while working alongside people in
fulfillment, distribution and manufacturing environments.
“The acquisition of Fetch Robotics will accelerate our
Enterprise Asset Intelligence vision and growth in intelligent
industrial automation by embracing new modes of empowering
workflows and helping our customers operate more efficiently in
increasingly automated, data-powered environments,” said Anders
Gustafsson, Chief Executive Officer of Zebra Technologies. “This
move will also extend our ongoing commitment to optimize the supply
chain from the point of production to the point of consumption. We
are excited to welcome the Fetch team to the Zebra family.”
In addition to Fetch Robotics’ broad portfolio of AMRs, it
offers cloud-based Enterprise Software, FetchCore as the
foundational platform for deploying and fully integrating a broad
range of automated workflows into manufacturing and warehouse
operations and providing unique insights into facilities through
machine learning on AMR sensor data. The planned acquisition
furthers Zebra’s vision to bring advanced robotics solutions to
customers who have labor-intensive operations.
Zebra’s focus on robotics automation combines workflow solutions
for human workers, including current Zebra offerings such as
FulfillmentEdge and SmartSight with Fetch Robotics’ solutions. The
result will provide an innovative offering that drives greater
efficiencies and higher ROI through better orchestration of
technology and people.
“The Fetch team is excited to join Zebra and accelerate the
adoption of flexible automation through AMRs and our cloud-based
robotics platform. Together we have the right team with the right
technology to provide end-to-end solutions that solve real customer
problems,” said Melonee Wise, Chief Executive Officer of Fetch
Robotics. “By helping customers dynamically optimize and
holistically orchestrate their fulfillment, distribution, and
manufacturing operations, together we help enable their ability to
stay ahead of growing demand, minimize delivery times and address
shrinking labor pools.”
Fetch has made strong progress as a Zebra Ventures portfolio
company. In its early-rapid growth phase, this high gross-margin
profile business is generating annualized run-rate sales of
approximately $10 million. Zebra’s go-to-market footprint and
vertical market expertise is expected to drive synergies as we
integrate and invest in the business.
“Our goal is to give robots and people the opportunity to do
their very best work,” said Bill Burns, Chief Product &
Solutions Officer, Zebra Technologies. “This acquisition is a
continuation of what we expect to be a series of innovations that
reflect our commitment to creating solutions that help our
customers improve their operations through robotics.”
Zebra expects to fund the $290 million purchase price – for the
95% of the business it does not already own – with cash on hand.
The transaction is subject to customary closing conditions,
including regulatory approval, and is expected to close in the
third quarter of 2021.
Vedder Price is serving as legal counsel to Zebra. Fenwick &
West is acting as legal counsel and Evercore is acting as financial
advisor to Fetch.
Zebra Technologies Safe Harbor Statement
This press release contains forward-looking statements, as
defined by the Private Securities Litigation Reform Act of 1995,
including, without limitation, the statements regarding the
company’s outlook and the ability to complete the acquisition of
Fetch Robotics. Actual results may differ from those expressed or
implied in the company’s forward-looking statements. These
statements represent estimates only as of the date they were made.
Zebra undertakes no obligation, other than as may be required by
law, to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changed
circumstances or any other reason after the date of this
release.
These forward-looking statements are based on current
expectations, forecasts and assumptions and are subject to the
risks and uncertainties inherent in Zebra’s industry, market
conditions, general domestic and international economic conditions,
and other factors. These factors include customer acceptance of
Zebra’s hardware and software products and competitors’ product
offerings, and the potential effects of technological changes. The
continued uncertainty over future global economic conditions, the
availability of credit and capital markets volatility may have
adverse effects on Zebra, its suppliers and its customers. In
addition, a disruption in our ability to obtain products from
vendors as a result of supply chain constraints, natural disasters
or other circumstances could restrict sales and negatively affect
customer relationships. Profits and profitability will be affected
by Zebra’s ability to control manufacturing and operating costs.
Because of its debt, interest rates and financial market conditions
will also have an impact on results. Foreign exchange rates will
have an effect on financial results because of the large percentage
of our international sales. The outcome of litigation in which
Zebra may be involved is another factor. The success of integrating
acquisitions could also affect profitability, reported results and
the company’s competitive position in its industry. These and other
factors could have an adverse effect on Zebra’s sales, gross profit
margins and results of operations and increase the volatility of
our financial results. When used in this release and documents
referenced, the words “anticipate,” “believe,” “outlook,” and
“expect” and similar expressions, as they relate to the company or
its management, are intended to identify such forward-looking
statements, but are not the exclusive means of identifying these
statements. Descriptions of the risks, uncertainties and other
factors that could affect the company’s future operations and
results can be found in Zebra’s filings with the Securities and
Exchange Commission, including the company’s most recent Form
10-K.
ABOUT FETCH ROBOTICS
Fetch Robotics is an award-winning intralogistics automation
company headquartered in Silicon Valley. By combining autonomous
mobile robotics with the power of the cloud, the Fetch Cloud
Robotics Platform provides on-demand automation solutions for
material handling and inventory management, with the power to find,
track, and move almost anything in any facility. Fetch Robotics’
solutions and services are deployed in leading distribution,
fulfillment, and manufacturing centers around the world, augmenting
workforces to drive increased efficiency and productivity. For more
information, please visit www.fetchrobotics.com or follow the
company on Twitter @FetchRobotics.
ABOUT ZEBRA TECHNOLOGIES
Zebra (NASDAQ: ZBRA) empowers the front line in
retail/ecommerce, manufacturing, transportation and logistics,
healthcare, public sector and other industries to achieve a
performance edge. With more than 10,000 partners across 100
countries, Zebra delivers industry-tailored, end-to-end solutions
to enable every asset and worker to be visible, connected and fully
optimized. The company’s market-leading solutions elevate the
shopping experience, track and manage inventory as well as improve
supply chain efficiency and patient care. In 2020, Zebra made
Forbes Global 2000 list for the second consecutive year and was
listed among Fast Company’s Best Companies for Innovators. For more
information, visit www.zebra.com or sign up for news alerts.
Participate in Zebra’s Your Edge blog, follow the company on
LinkedIn, Twitter and Facebook, and check out our Story Hub: Zebra
Perspectives.
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version on businesswire.com: https://www.businesswire.com/news/home/20210701005144/en/
Investor Contact: Mike Steele, CFA, IRC Zebra
Technologies +1-847-793-6707 msteele@zebra.com Media
Contact: Therese Van Ryne Zebra Technologies +1-847-370-2317
therese.vanryne@zebra.com
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