Teradyne Inc. on Wednesday agreed to buy Universal Robots for $285 million in cash, in a move to expand its business with the low-cost collaborative robots.
Universal Robots is a privately held Danish company that makes simple robots that usually work alongside production workers in the manufacturing process. It has been profitable since late 2010 and had $38 million in revenue in 2014, increasing more than 70% from the year before. Universal Robots is eligible to receive an additional $65 million if certain goals are met through 2018. Further financial terms weren't disclosed.
Teradyne, based in Massachusetts, develops and sells automatic test systems.
“This acquisition complements our System and Wireless Test businesses while adding a powerful, additional growth platform to Teradyne,” Chief Executive of Teradyne Mark Jagiela said.
Shares of Teradyne, inactive premarket, have been up about 3% this year through Tuesday’s close.