FLIR acquires military robot firm Endeavor for $385 million
Robotics for military use is on the rise and Xconomy reports that Oregon-based thermal sensors firm FLIR has bought military robot-maker Endeavor Robotics, based in Massachusetts, for $385 million in cash to fuel growth in this market.
Maryland-based private equity firm Arlington Capital Partners sold the company to FLIR after originally buying it in 2016 as an iRobot spinoff for $45 million, according to the outlet. FLIR says that Endeavor CEO Sean Bielat will still be at the helm after the deal closely, like by the end of the quarter.
“This is a very different business than it was 3 years ago,” Bielat told Xconomy about the increased demand from The Pentagon.
“Endeavor’s momentum with the U.S. DoD and other global defense and police forces provides us significant opportunity to participate in long-term franchise programs and will help us create growth for the company.”
FLIR’s desire to be known for more than components is behind the shift in the company’s strategy that led to this acquisition in addition to earlier deals such as a $200 million acquisition of Aeryon Labs, a drone-maker with a military focus, and a strategic investment in DroneSense, which makes drone-related software.
FLIR CEO Jim Cannon, in a statement, said the deal “aligns with our evolution from sensors to intelligent sensing and ultimately solutions that save lives and livelihoods. Endeavor’s momentum with the U.S. DoD and other global defense and police forces provides us significant opportunity to participate in long-term franchise programs and will help us create growth for the company.”