Adept Technology Inc. (www.adept.com), a Pleasanton, Calif.-based provider of vision-guided robotics and autonomous mobile solutions, announced on Jan. 5 that it has entered into an agreement to acquire privately held InMoTx (www.inmotx.com), a Danish provider of technology for the global food processing market.
The deal—valued at up to $4.3 million—will enhance Adept’s position in the fast-growing food packaging industry, the company said, providing a broad portfolio of intellectual property dedicated to inspecting, sorting, grading, and hygienically packaging unwrapped, natural products. The deal follows Adept’s acquisition last year of MobileRobots Inc., an Amherst, N.H., provider of autonomous robot and automated guided vehicle (AGV) technologies.
On a mission
“With this [InMoTx] acquisition, Adept continues to execute on its mission to deliver exceptional value to clients requiring superior levels of flexibility, cleanliness and robustness from primary packaging automation,” said John Dulchinos, Adept president and chief executive officer (CEO). “As was the case with Adept’s acquisition of MobileRobots, this transaction furthers Adept’s strategy to more efficiently transport goods, particularly those in regulated industries, throughout a facility by strengthening the company’s ability to automate the handling of products safely and reliably while offering traceability.”
“Becoming a part of Adept’s exacting pursuit of the high-speed packaging market and leveraging their resources and international support infrastructure along with tighter integration of our engineering teams, will accelerate the adoption of InMoTx’ technology and deep portfolio of products dedicated to the handling of natural products,” said Preben Hjornet, founder and chief technology officer, InMoTx. “In evaluating numerous vehicles to accelerate the expansion of our business, it was immediately apparent that Adept and InMoTx exhibit synergies across the businesses and cultures of strong customer focus.”
Join the team
Upon completion of the acquisition, InMoTx Denmark employees will become part of Adept’s team and will work with Adept’s existing engineering, operations and service teams in Pleasanton, Dortmund, Germany and Singapore. InMoTx’ U.S. operations will be consolidated into the Adept Pleasanton, Calif., headquarters.
Under the terms of the agreement, Adept will acquire InMoTx in a cash and stock transaction valued at up to $4.3 million, which includes $1.5 million in cash, subject to adjustment, 200,000 shares of Adept common stock and earnout provisions based upon the revenues of the acquired business and related products over the three years following the acquisition. InMotx’ founder and chief technology officer will be granted up to 100,000 shares of Adept common stock contingent on his continued employment with Adept for three years following the acquisition. The acquisition is subject to customary closing conditions, and is expected to be completed by mid-January.
Adept Technology Inc.