15th Dec 2020 09:44
(Alliance News) - Ocado Group PLC on Tuesday said it has completed the acquisition of Kindred Systems Inc, a robotics solutions company based in San Francisco and Toronto, for USD262 million.
The online supermarket with headquarters in Hertfordshire, England had announced the proposed acquisition back in November, as well as potentially buying Las Vegas-based robotic-arm designer and manufacturer Haddington Dynamics Inc for about USD25 million.
Chief Executive Tim Steiner on Tuesday said: "We look forward to working together to accelerate the development of robotic picking solutions, improving their speed, accuracy, product range and economics, which will benefit our Ocado Solutions partners as well as Kindred Systems's existing customers."
Kindred is expected to have about 180 robots installed and operating by the end of 2020, Ocado said. It was founded in 2014 and has about 90 employees.
Kindred is expected to record USD35 million in revenue in calendar 2021
Ocado said in November it expects its annual revenue to be increased by around GBP30 million in 2021 by the acquisitions of Kindred and Haddington Dynamics, with a small negative impact on earnings before interest, tax, depreciation and amortisation.
Shares in Ocado were down 0.3% at 2,267.20 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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