Benzinga | Jul 1, 2021 08:55AM EDT

Zebra Tech To Acquire Fetch Robotics For $290M

* Zebra Technologies Corp (NASDAQ:ZBRA) announced plans to acquire a 95% stake in on-demand automation company Fetch Robotics for $290 million.

* Fetch's Autonomous Mobile Robots (AMRs) facilitate optimized picking in fulfillment centers and distribution centers, just-in-time material delivery in manufacturing facilities, and automating manual material movement in any facility.

* The acquisition will accelerate Zebra's Enterprise Asset Intelligence vision and growth in intelligent industrial automation by helping customers operate more efficiently in increasingly automated, data-powered environments, Zebra CEO Anders Gustafsson said. It will also optimize the supply chain from the point of production to the consumption point.

* The acquisition furthers Zebra's vision to bring advanced robotics solutions to customers with labor-intensive operations.

* In its early-rapid growth phase, Fetch is generating annualized run-rate sales of $10 million. Zebra's go-to-market footprint and vertical market expertise are likely to drive synergies as they integrate and invest in the business.

* Zebra held $177 million in cash and equivalents as of April 3, 2021.

* Price action: ZBRA shares closed lower by 1.23% at $529.49 on Wednesday.