Benzinga | Apr 26, 2021 08:42AM EDT

Brooks Automation To Acquire Precise Automation For $70M

* Brooks Automation Inc (NASDAQ: BRKS) has inked an agreement to acquire collaborative robots and automation subsystems developer Precise Automation for $70 million.

* Precise's technology enables convenient human-robot workflows via process automation.

* Precise's products are used in laboratory automation and semiconductor and electronics manufacturing end-markets.

* Precise's history of innovation in vision technology, precision motion, integrated controllers and direct-drive motors, and track record of solving customer challenges in laboratory and semiconductor automation made it a great fit with Brooks, Brooks CEO, Steve Schwartz said.

* Precise co-founders Brian Carlisle and Dr. Bruce Shimano will join Brooks. Precise produced $17 million in revenue over the last year.

* Brooks expected the acquisition to be immediately earnings accretive. It held $323 million in cash and equivalents as of Dec. 31, 2020.

* Price action: BRKS shares traded higher by 3% at $105.82 in the premarket session on the last check Monday.