Adept Technology acquires InMoTx
Adept Technology, Inc. Posted 02/08/2011
Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided robotics and autonomous mobile solutions, has entered into an agreement to acquire the Denmark-based, privately held InMoTx, a provider of industry leading technology for the global food processing market. The acquisition will help enhance Adept’s position in the fast-growing food packaging industry, as InMoTx develops devices dedicated to inspecting, sorting, grading, and hygienically packaging unwrapped, natural products. Such products reduce the risk of contamination introduced by manual handling. In addition to safe handling, better traceability will be another benefit of this development.
The Bureau of Labor Statistics expects that employment will not increase in the organic food portion of the industry, but output will continue its growth at a rate of approximately 27% between now and 2016. The products and services deployed by InMoTx help producers, consumers, and government agencies obtain higher levels of efficiency, flexibility, and safety.
For its part, InMoTx benefits from Adept’s resources and international support infrastructure, along with tighter integration of the engineering teams.
The acquisition of InMoTx compliments the introduction of both the Adept PAC and USDA-accepted Adept Quattro in expanding Adept's automation presence in meat processing (poultry, fish and red meats), which is estimated to represent placement opportunities of over 75,000 processing lines.
Upon completion of the acquisition, InMoTx Denmark employees will become part of Adept‘s team and will work with Adept's existing engineering, operations and service teams in Pleasanton, Calif, Dortmund, Germany and Singapore. InMoTx’ US operations will be consolidated into the Adept Pleasanton, Calif. headquarters.?? Under the terms of the agreement, Adept will acquire InMotx in a cash and stock transaction valued at up to $4.3 million, which includes $1.5 million in cash, subject to adjustment, 200,000 shares of Adept common stock and earnout provisions based upon the revenues of the acquired business and related products over the three years following the acquisition. InMotx’ founder and chief technology officer will be granted up to 100,000 shares of Adept common stock contingent on his continued employment with Adept for three years following the acquisition. The acquisition is subject to customary closing conditions and should be completed by mid-January, 2011. The transaction is expected to be accretive in Adept’s fiscal 2012 year.