Rockwell Automation paid US $565M for Clearpath Robotics

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By CPE Analytics

On October 2, 2023, Rockwell Automation, Inc. (NYSE: ROK) completed the acquisition of Clearpath Robotics Inc., includes Clearpath Robotics’ namesake research division, and the industrial division OTTO Motors. Both divisions report to Rockwell’s Intelligent Devices operating segment.

Rockwell Automation did not disclosed the purchase price at the time, has finally disclosed the purchase price.

Rockwell Automation paid approximately US $565 million of cash and up to US $50 million of contingent consideration.

“As of the acquisition date, we will record a preliminary purchase price allocation for the assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values as of the acquisition date. We expect to allocate a significant portion of the purchase price to goodwill and intangible assets. We will assign the full amount of goodwill to our Intelligent Devices segment,” disclosed by Rockwell Automation.

Clearpath Robotics had been backed by iNovia Capital and two iNovia SPVs, Export Development Canada (EDC), RRE Ventures, Kensington Private Equity Fund, McRock Capital, GE Ventures, Caterpillar Ventures, Eclipse Ventures, Silicon Valley Bank (SVB) and others.

Most recently in May 2023, Mitsubishi Electric Corporation (TSE: 6503) made a US $30 million strategic investment in Clearpath Robotics.

photo credit: Clear Robotics