BEDFORD, Mass., July 25, 2017 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced that
it has signed a definitive agreement to acquire privately-held
Robopolis SAS (Robopolis), based in Lyon,
France. The acquisition is expected to close in October 2017.
Following iRobot's recent acquisition of its distributor in
Japan, the Robopolis acquisition
will enable iRobot to capitalize on market momentum driving
accelerated adoption of robots for the home. It will further
enhance the company's distribution network, ensure global brand
consistency and better serve the needs of European consumers while
driving continued growth in Western
Europe through a consistent approach to all market
activities including sales, marketing, branding, channel
relationships and customer service.
Robopolis, an exclusive distributor of iRobot products since
2006 and the company's largest distributor in EMEA, sells across
seven key markets in Western
Europe, including Germany,
Spain, France, Belgium, Austria, the
Netherlands, and Portugal.
EMEA is a key strategic region for iRobot representing
approximately 25% of its 2016 total revenue. Robopolis represented
nearly half of iRobot's EMEA revenues in 2016.
"At this stage in the Western European market evolution, and the
growth opportunity it presents, we feel a more direct go-to-market
strategy is necessary to continue driving adoption of robots for
the home," said Colin Angle,
chairman and CEO of iRobot. "The Robopolis team has been
instrumental in establishing iRobot as the leading consumer
robotics brand in Western Europe.
We look forward to them formally joining iRobot and working
together to ensure continued growth."
Robopolis will be combined with iRobot's EMEA operations
headquartered in London, UK. 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.
iRobot will acquire the business for $141
million, or approximately 0.9 times the trailing Robopolis
twelve-month revenue ended June 2017,
subject to customary purchase price adjustments set forth in the
definitive purchase agreement. iRobot will pay cash for the
acquisition. The acquisition is expected to contribute incremental
revenue of approximately $25 - $35
million in 2017. iRobot expects the acquisition to be
between ($0.45) - ($0.30) dilutive in
2017. Beginning in 2018, the acquisition is expected to generate
incremental revenue and higher earnings per share.
iRobot will host a live webcast and conference call, open to all
interested investors, to review this transaction, second-quarter
2017 financial results and the outlook for 2017 financial
performance on Wednesday, July
26.
Pertinent details
include:
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Date:
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Wednesday, July
26
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Time:
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8:30 a.m.
ET
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Call-In
Number:
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213-358-0894
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Passcode:
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15405594
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A live, audio broadcast of the conference call also will be
available at:
http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-eventDetails&EventId=5242676.
An archived version of the broadcast will be available on the same
website shortly after the conclusion of the live event. A replay of
the telephone conference call will be available through
August 2, and can be accessed by
dialing 404-537-3406, passcode 15405594.
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
15 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 the closing date of iRobot's acquisition of
the Robopolis distribution business, the growth and success of
iRobot's business in certain western European markets, the
anticipated purchase price of iRobot's acquisition of the Robopolis
distribution business, the expected impact of such acquisition on
iRobot's financial results and operations, iRobot's plans for the
leadership of the acquired business, and the ability of iRobot to
successful integrate the Robopolis distribution business following
the acquisition. 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.