Sarcos Technology and Robotics (Nasdaq: STRC) has agreed to acquire RE2, a developer of mobile robotic systems and autonomy software, for approximately $100 million in cash and stock.
The two companies aim to close the transaction in the second quarter of 2022 and offer a suite of technology products powered by artificial intelligence, machine learning, computer vision and autonomous technologies, according to a joint statement released Monday.
Salt Lake City-based Sarcos said it expects the transaction to bring in revenues from RE2’s government contracts that include work to develop underwater and industrial robotic systems.
The future combined entity plans to include Sarcos’ Guardian full-body exoskeleton and upper-body mobile robot platforms with RE2 Sapien robotic arms into one product line.
Pittsburgh-based RE2 was spun out of the National Robotics Engineering Center at Carnegie Mellon University in 2001 and is led by CMU graduate Jorgen Pedersen.
Sarcos plans to finance the deal with $30 million in cash and $70 million in common stock.
Wilson Sonsini Goodrich & Rosati and PJT Partners act as Sarcos’ legal and financial advisers on the transaction, respectively.
Blank Rome and Cherin Law Offices serve as RE2’s legal counsels while Stifel, Nicolaus & Company acts as its financial advier.
