FLIR Systems Signs $385M Cash Deal to Buy Endeavor Robotics; James Cannon Quoted

James Cannon

FLIR Systems (Nasdaq: FLIR) has agreed to purchase Endeavor Robotics from Arlington Capital Partners for about $385M in cash to make its entry into the market for unmanned ground vehicles for military, critical infrastructure and public safety applications.

FLIR said Monday it expects the acquisition to close in the first quarter of 2019 and will operate Endeavor as part of unmanned systems and integrated solutions division within its government and defense business unit upon the transaction’s completion.

James Cannon, FLIR president and CEO, said the deal aligns with the company’s effort to move beyond developing sensing technologies toward producing platforms designed to save lives and livelihoods.

“Endeavor’s momentum with the [Department of Defense] 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,” Cannon added.

FLIR expects the deal to be $0.03 dilutive to its adjusted earnings per share in 2019 and be accretive subsequently.

Chelmsford, Mass.-based Endeavor Robotics, formerly iRobot Defense & Security, has more than three decades of experience in developing ruggedized ground-based robotic vehicles and has supplied over 7K UGVs to clients across 55 countries. It is the maker of Kobra heavy-lift robot and FirstLook UGV for reconnaissance operations.

The transaction came weeks after FLIR acquired Canada-based unmanned aerial systems manufacturer Aeryon Labs for approximately $200M.

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