Sarcos Technology and Robotics Corporation to Acquire RE2, an Award-Winning Developer of Intelligent Mobile Manipulation Systems
Acquisition will add breadth to Sarcos’ family of mobile dexterous robots for use in industrial environments and expands Sarcos’ total addressable market to medical and subsea markets
Combination is expected to significantly increase Sarcos’ revenue by adding revenue from RE2s existing contracts
Transaction brings together two of the most experienced commercial robotics teams, nearly doubling the size of Sarcos’ engineering team
Following the transaction, the shared product suite will enable the combined company to target a much broader spectrum of customer needs across the commercial and defense sectors. The initial product line will include the Guardian® XO® full-body, battery-powered industrial exoskeleton, the Guardian® XT™ teleoperated dexterous mobile robotic avatar system, and the SapienTM line of arms which features several models with capabilities ranging from precision arms for surgical applications, rugged outdoor arms for construction tasks, and the SapienTM Sea Class system that can operate in shallow and deep water to perform inspection and maintenance tasks across multiple industries.
RE2 has significant program wins in surgical robotics, aviation maintenance, and construction automation. It has also sold more than 650 robotic arm products capable of operating in unstructured environments into the market since 2010. RE2’s proven track record serving government and commercial customers makes it an ideal addition to the Sarcos team.
RE2 generated revenues of approximately
In addition, the combined company expects to advance robotic autonomy in unstructured environments by leveraging RE2’s Detect outdoor computer vision solution and Intellect autonomy software along with the Sarcos Cybernetic Training for Autonomous Robots (CYTAR™) AI and machine learning program.
Summary of Transaction Benefits
- Expected to increase total addressable market including additional target markets in aviation, construction, medical and subsea
- SapienTM products are expected to provide earlier revenue and commercial release for the combined company
- Provides significantly broader product set with a wide range of use cases and price points for different customers
- Nearly doubles Sarcos’ engineering team
- Adds a second location to assist in attracting talented new hires
RE2 was founded by President and CEO
“We are delighted to welcome the RE2 team to Sarcos,” said
“The RE2 team is looking forward to joining Sarcos and accelerating the development and adoption of intelligent robotic systems,” said
The transaction will close upon satisfaction of the closing conditions, which Sarcos expects to occur in the second quarter. Further comments regarding this acquisition will be made in conjunction with Sarcos’ earnings release and conference call on
For more information on Sarcos and its award-winning product portfolio, please visit www.sarcos.com.
About the Transaction
About
About
RE2 provides the RE2 Sapien™ family of robotic arms, RE2 Detect™ computer vision software, and RE2 Intellect™ autonomy software to enable intelligent mobile manipulation systems that operate in a variety of complex indoor and outdoor environments. RE2’s systems help companies in the aviation, construction, defense, energy, and medical industries to enable remote operations, improve worker safety and efficiency, and reduce operational costs. For more information, please visit www.resquared.com.
Forward-Looking Statements; RE2 Financial Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Sarcos’ ability to complete the acquisition of RE2, anticipated timing of the transaction; products and markets of each company; the expected benefits of the acquisition of RE2 and Sarcos’ ability to realize those benefits; Sarcos’ performance following the acquisition of RE2, Sarcos’ plans to expand its product availability, Sarcos’ ability to sell its products or obtain robot-as-a-service subscriptions, competition from existing or future businesses and technologies and the expected size of and potential for the acquisition to expand Sarcos’ addressable market. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ and RE2’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the
RE2’s consolidated financial statements as of and for the year ended
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Source: Sarcos Technology