The e-commerce giant will pay $61 per share for the company in the all-cash deal. iRobot CEO Colin Angle will stay on as the company’s CEO following completion of the acquisition, according to a statement from the companies.
iRobot, which was founded in 1990 and is based in Massachusetts, went public in 2005, according to Crunchbase. The company makes consumer robots, and is perhaps best known for making the Roomba, an autonomous vacuum cleaner.
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“We know that saving time matters, and chores take precious time that can be better spent doing something that customers love,” Dave Limp, senior vice president of Amazon Devices, said in a statement. “Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive—from cleaning when and where customers want while avoiding common obstacles in the home, to automatically emptying the collection bin. Customers love iRobot products—and I’m excited to work with the iRobot team to invent in ways that make customers’ lives easier and more enjoyable.”
iRobot is one of a few public companies to be acquired in recent weeks, including Thoma Bravo’s acquisition of Ping Identity, and the Unity and IronSource merger. Tech stocks in particular have been hit hard by the economic downturn, and some companies have seen that as an opportunity to make acquisitions at discounted prices. iRobot’s stock price is down around 12% since the beginning of the year.
Illustration: Li-Anne Dias
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