Zebra Technologies to buy robotics company
LINCOLNSHIRE -- Zebra Technologies Thursday said it intends to acquire Fetch Robotics, a pioneer in on-demand automation, for $290 million. The company is based in San Jose, California.
Fetch's autonomous mobile robots 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, Zebra said.
"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," said Bill Burns, Zebra's chief product and solutions officer.
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, the company said.
Fetch has made strong progress as a Zebra Ventures portfolio company. In its early-rapid growth phase, the business is generating annualized run-rate sales of approximately $10 million, Zebra said.
Fetch features the largest portfolio of mobile robots in the industry and offers seamless integration with warehouse and manufacturing systems without the need for changes to facilities or infrastructure.