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iRobot Announces Closing of Defense & Security Business Sale
April 4, 2016 | PRNewswireEstimated reading time: 1 minute
iRobot Corp., a leader in delivering robotic technology-based solutions, today announced that it has closed the previously announced sale of its Defense & Security business to Arlington Capital Partners for up to $45 million in total consideration, including a contingent payment based on achieving certain milestones. Proceeds from the sale will be used for iRobot's previously announced $85 million Accelerated Share Repurchase.
As announced on February 4, the transaction enables iRobot to solidify its position as the leader in diversified Home Robots and focus on technologies for the connected home. A private, standalone company, Endeavor Robotics has been established by Arlington Capital Partners to focus on the defense, public safety and industrial markets.
"The closing of the Defense & Security business sale marks a new beginning for iRobot as we put our full focus on the home," said Colin Angle, chairman and CEO of iRobot. "Successful new product introductions including Braava jet and Roomba 980 point to significant growth opportunities in the consumer robotics market. We look forward to capitalizing on our home-focused strategy through new consumer products and technologies for the connected home, continued expansion in key international markets including China, and increased investment in global marketing campaigns."
About iRobot Corp.
iRobot designs and builds robots that empower people to do more. The company's home robots help people find smarter ways to clean and accomplish more in their daily lives. Its remote presence robots enable virtual presence from anywhere in the world. iRobot's portfolio of solutions feature proprietary technologies for the connected home and advanced concepts in navigation, mobility, manipulation and artificial intelligence.
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