Sarcos Technology and Robotics Corporation has completed its acquisition of Pittsburgh-based robotics company RE2, Inc., a developer of autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense, energy, and medical industries.
“We are delighted to officially welcome the entire RE2 team to the Sarcos family,” said Kiva Allgood, President and CEO, Sarcos. “I have had the opportunity to work closely with the RE2 team, and our capabilities and objectives are well matched. Our combined product lineup and expertise will allow us to address customer needs in a much wider range of industries and use-cases. I am very optimistic about our future as a combined company.”
Sarcos expects to benefit from future revenue associated with RE2’s existing contracts, including contracts with the U.S. government to develop innovative robotic systems for underwater and industrial solutions, as well as a developmental partnership with JLG Industries, Inc.
In March, RE2 announced that its Maritime Mine Neutralization System, or M2NS, reached a depth of more than 1 km during a recent open-water demonstration for the U.S. Navy’s Office of Naval Research, the project’s sponsor.
Total consideration for the Sarcos acquisition was $100 million, consisting of $30 million in cash and 14 million shares of Sarcos common stock that were either newly issued or underlie assumed options. The stock component represents dilution to Sarcos stockholders of approximately 5.7% based on a fully-diluted share count of approximately 231 million shares (which assumes the exercise of all outstanding warrants and includes all shares available for issuance under our equity plans).
Following the closure of the transaction, the Sarcos product line now includes the Guardian XO full-body, battery-powered industrial exoskeleton, Guardian XT teleoperated dexterous mobile robotic avatar system, and the SapienTM line of arms – including models with capabilities ranging from precision arms for surgical applications to rugged outdoor arms for construction tasks and the Sapien Sea Class system that can operate in shallow and deep water.