Endeavor Robotics established after its breakaway from iRobotNews
April 06, 2016
BEDFORD, Mass. iRobot's defense and security business sale has closed for up to $45 million in total consideration, including a contingent payment based on reaching previously agreed milestones.
The new company, Endeavor Robotics, has launched its operations with the financial backing of Arlington Capital Partners. Proceeds from the sale will be used for iRobot's previously announced $85 million accelerated share repurchase.
The company was formed to capitalize on emerging market opportunities in the defense ground robotics space, officials say. Endeavor Robotics will continue to serve its defense, public safety, and industrial customers.
CEO Sean Bielat, a former iRobot Defense & Security executive and U.S. Marine officer, along with Tom Frost, president of Endeavor Robotics and former senior vice president of iRobot’s Defense & Security business unit lead the company.
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