IRobot has signed a definitive agreement to acquire privately-held Evolution Robotics, developer of Mint and Mint Plus automatic floor cleaning robots, based in Pasadena, California.
IRobot will acquire Evolution Robotics for $74 million, subject to customary purchase price adjustments. The company will use its cash reserves to pay for the acquisition.
The acquisition and the definitive agreement have been approved by the board of directors of iRobot and the board of directors and stockholders of ER. The acquisition is expected to close in the fourth quarter of 2012.