Smart home robots company Neato Robotics has announced that it has been acquired by German based Vorwerk Group for an undisclosed sum.
The Vorwerk Group first invested in Neato Robotics in 2010. With the acquisition, the German family-owned enterprise enhances its position in 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, the company adds. There will also be no changes to leadership or daily operations.
Neato Robotics chairman and chief executive Giacomo Marini commented: “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.”
Vorwerk’s managing partners added: “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.
“At the same time, we envision considerable synergies between the two companies, especially in research and development and production.”