Teradyne has acquired Denmark-based Mobile Industrial Robots (MiR) for $148m in cash and $124 in earnout money.

Denmark Exit 25 April 2018
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Mobile Industrial Robots (MiR), an Odense, Denmark-based company manufacturing collaborative autonomous mobile robots (AMRs) for industrial applications, announced getting into an agreement for selling the company to Teradyne.

The transaction is made for cash, for €121m ($148m) and for a further €101m ($124m), payable if certain performance targets are met from now until 2020.

MiR, led by CEO Thomas Visti, is a supplier of mobile robots for professional use in the industry, manufacturing companies and hospitals, aiming to be suppliers for the automation of internal transport.

MiR was profitable in 2017 with annual revenue of $12 million USD, more than triple 2016 revenues and had Q1’18 sales of $5 million.

The autonomous mobile robots (AMRs) market is an emerging category within the approximately $1.1bn logistics systems segment of the professional services robot market and is expected to grow rapidly in the years ahead.

Teradyne, led by CEO Mark Jagiela, is an American leading supplier of automation equipment for test and industrial applications. The company already owns Universal Robots, a Danish manufacturer of smaller flexible industrial collaborative robot arms, which it purchased in 2015 for  $285 million net of cash acquired plus $65 million  earnout.