Salt Lake City-based Sarcos Technology and Robotics Corp. has announced that the company has reached a definitive merger agreement to acquire Pittsburgh-based RE2 Inc., a developer of autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense, energy and medical industries. The deal is worth $100 million, consisting of $30 million in cash, which Sarcos expects to fund with cash on hand, and $70 million of Sarcos common stock.
“This transaction brings together two leading commercial robotics teams focused on industrial robotic technologies that improve worker safety and productivity,” Sarcos said in a release. “Following the transaction, the shared product suite will enable the combined company to target a much broader spectrum of customer needs across the commercial and defense sectors.”
The initial product line will include the Guardian XO full-body, battery-powered industrial exoskeleton; the Guardian XT teleoperated dexterous mobile robotic avatar system; and the Sapien line of arms which features several models with capabilities ranging from precision arms for surgical applications, rugged outdoor arms for construction tasks and the Sapien Sea Class system that can operate in shallow and deep water to perform inspection and maintenance tasks across multiple industries.
“We are delighted to welcome the RE2 team to Sarcos,” said Kiva Allgood, president and CEO of Sarcos. “This transaction brings an innovative company with a complementary but additive suite of products into the Sarcos family, allowing us to offer a much wider range of solutions to address our customers’ needs. It will also allow us to expand our offerings to new industries such as medical and subsea, deepen our team of robotics experts, and advance the development of AI and machine learning technologies for use in unstructured environments.”
“The RE2 team is looking forward to joining Sarcos and accelerating the development and adoption of intelligent robotic systems,” said Jorgen Pedersen, president and CEO of RE2. “Across the globe, robotic technologies are changing the way workers perform complex, often dangerous tasks, particularly during a time of widespread skilled labor shortages. By combining our organizations, Sarcos can now offer a variety of robotic solutions to a broader customer base.”
The transaction will close upon satisfaction of the closing conditions, which Sarcos expects to occur in the second quarter.