FLIR Systems, Inc. announced that it has entered into a definitive agreement to acquire Endeavor Robotic Holdings, Inc., a developer of battle-tested, tactical unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets, from Arlington Capital Partners for $385 million in cash. Along with the recent acquisition of Aeryon Labs, FLIR has expanded its unmanned systems capabilities.
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, including by police and SWAT teams, by first responders, and at nuclear power and industrial plants. Endeavor is one of the largest UGV providers to the United States (US) Department of Defense (DoD), and a key supplier of unmanned systems for the accelerating modernization of global military and law enforcement operational assets. Having recently been awarded the US Army’s Man Transportable Robotic System Increment II (MTRS Inc II) contract, Endeavor is a major participant in several programmatic opportunities with the US DoD and its ally militaries worldwide.
Having the largest deployed fleet of tactical robotics systems in the world, Endeavor has over 30 years of proven experience in advanced ruggedized UGVs. The company’s family of UGVs covers a broad spectrum of robot weight classes, from the five-pound throwable FirstLook® reconnaissance robot to the 500-pound Kobra™ heavy-lift robot, and all models are controllable under one common command and control system. Endeavor’s modular approach to design also allows for varying payloads and sensor systems for the needs of each customer, including imaging and reconnaissance, vehicle and room inspection, bomb disposal, hazardous materials detection and disposal, radiation monitoring, and route clearance.
Upon closing of the acquisition, which is expected in the first quarter of 2019, Endeavor will be 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 per share due to borrowing costs associated with funding the transaction, and accretive thereafter. FLIR Systems’ management will discuss this strategic acquisition during its 2018 Q4 earnings call scheduled for February 13, at 9AM Eastern Standard Time.
About FLIR Systems
Founded in 1978 and headquartered in Wilsonville, OR, FLIR Systems is a maker of sensor systems. Through its nearly 3,700 employees, FLIR Systems’ vision is to be “The World’s Sixth Sense” by leveraging thermal imaging and adjacent technologies to provide innovative, intelligent solutions for security and surveillance, environmental and condition monitoring, outdoor recreation, machine vision, navigation, and advanced threat detection.
For more information, please visit http://www.flir.com.