BEDFORD — Amazon is acquiring Roomba inventor iRobot for $1.7 billion, the two companies announced Friday.
The Bedford-based company was founded in 1990 by MIT scientists and introduced the wildly popular robotic vacuum cleaner in 2002.
“Since we started iRobot, our team has been on a mission to create innovative, practical products that make life easier for customers, leading to inventions like Roomba and iRobot OS,” said iRobot CEO Colin Angle in a statement. declaration. “Amazon shares our passion for building thoughtful innovations that empower people to do more at home, and I can’t think of a better place for our team to continue our mission.”
Amazon will buy iRobot stock for $61 a share and take over the company’s net debt.
“Over many years, the iRobot team has proven its ability to reinvent how people clean with products that are incredibly practical and inventive – from cleaning where and when customers want, while avoiding common obstacles in the home, to automatic emptying of the bin,” says Amazon. Devices SVP Dave Limp said. “Customers love iRobot products and I’m excited to work with the iRobot team to create ways to make customers’ lives easier and more enjoyable.”
As of 2021, iRobot said it has sold more than 40 million home robots worldwide.
The second quarter financial results reported Friday showed iRobot’s revenue was $255.4 million — a significant drop from $365.6 million in the second quarter of 2021. iRobot attributes the drop to ” unexpected order reductions, delays and cancellations from retailers.”
iRobot said in the financial report it would cut costs and lay off about 140 employees — about 10% of the company’s workforce.