FLIR Systems Inc. (FLIR) Monday said it has agreed to buy Endeavor Robotic Holdings Inc., a developer of battle-tested, tactical unmanned ground vehicles for the global military, public safety, and critical infrastructure markets, from Arlington Capital Partners for $385 million in cash.
Based outside Boston and formerly known as iRobot Defense & Security, Endeavor has shipped more than 7,000 UGVs to customers in over 55 countries. Their robots have been deployed in numerous applications. The company recently received the U.S. Army’s Man Transportable Robotic System Increment II contract.
“The acquisition of Endeavor Robotics, coupled with previous acquisitions of Aeryon Labs and Prox Dynamics, has positioned FLIR as a leading unmanned solutions provider and advances the strategy we detailed at our Investor Day last year,” said Jim Cannon, President and CEO of FLIR Systems.
FLIR expects the deal to close in the first quarter of 2019. It will become part of the FLIR Government and Defense Business Unit’s Unmanned Systems and Integrated Solutions division.
The transaction is expected to be $0.03 dilutive to FLIR Systems’ 2019 adjusted earnings due to borrowing costs associated with funding the transaction, and accretive thereafter.
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