Neato Robotics, which mainly makes robotic vacuum cleaners for the home, has been acquired by Vorwerk. Terms of the transaction were not disclosed.
Vorwerk first invested in Neato Robotics in 2010. With this acquisition, the German family-owned enterprise says it is enhancing its strategic position on the emerging global market for home robot vacuums.
Neato will operate within the Vorwerk Group as a wholly owned independent business unit, with its own brand identity and corporate culture. There will be no changes to leadership or daily operations.
Giacomo Marini, CEO at Neato Robotics, says: “Today marks a significant milestone for Neato, and I am honored to be leading this team.
“We are bringing together a powerful combination of technology and talent uniquely positioned to further drive the expansion of the home robot market.
“Our partnership with Vorwerk has proved increasingly successful over the past few years.
“As a separate subsidiary of the Vorwerk Group, and coming off the heels of a successful launch of the award-winning Neato Botvac D7 Connected at IFA 2017 in Berlin, Neato’s growth prospects in the category are now even brighter.”
In a joint statement by senior board members at Vorwerk – referred to as “managing partners” – the acquisition was said to have “considerable synergies”.
The managing partners said: “Vorwerk and Neato Robotics ideally complement one another, both culturally and through our dedication to innovation.
“Neato has outstanding expertise in the fields of navigation and intuitive software – a perfect match for Vorwerk’s core competencies in the home robot vacuum segment.
“With it, Vorwerk will further consolidate its position as a producer of innovative, premium-quality products for the home and living sector. The parties have agreed not to disclose the purchase price.
“At the same time, we envision considerable synergies between the two companies, especially in research and development and production.”