Brooks Automation, Inc. (Nasdaq: BRKS) today announced that it has entered a definitive agreement to acquire Precise Automation, Inc., a developer of collaborative robots and automation subsytems headquartered in Fremont, CA. The total cash purchase price for the acquisiton will be approximately $70 million, subject to working capital and other adjustments. The transaction is expected to close by the end of April upon satisfaction of customary closing conditions.
Precise Automation’s proprietary technology enables human-robot workflows in a safe and easy-to-use manner, automating processes that could not be addressed practically in the past. The company’s collaborative robots, which include SCARA, 6-axis and Cartesian configurations, are delivered fully assembled and designed for easy system integration by end users and OEM customers. Precise Automation’s products are used in a variety of end markets including laboratory automation and semiconductor and electronics manufacturing. Laboratory automation applications include drug discovery, analytical laboratory, clinical diagnostics, and genomics.
Steve Schwartz, President and CEO of Brooks commented, “Precise provides Brooks with a product offering and technology portfolio that is well positioned to take advantage of the exciting growth opportunities in the collaborative robot market. Their history of innovation in vision technology, precision motion, integrated controllers and direct drive motors and track record of solving customer challenges in laboratory and semiconductor automation makes Precise a great fit with Brooks.”
Co-founders Brian Carlisle and Dr. Bruce Shimano, two industry visionaries with over 35 years each of robotics experience, will join Brooks and continue to lead Precise Automation reporting to Dave Jarzynka, President of the Brooks Semiconductor Solutions Group. Precise Automation generated $17 million in revenue over the last twelve months. The Company expects the acquisition to be immediately accretive to earnings.