Neato Robotics has been acquired by Germany-based Vorwerk Group in an effort to further expand into the home robotic vacuum market. Terms of the transaction were not disclosed.
According to the company, 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. The Vorwerk Group first invested in Neato Robotics in 2010. With this acquisition, Vorwerk said it will enhance its strategic position in the emerging global market for home robot vacuums.
“Today marks a significant milestone for Neato, and I am honored to be leading this team,” said Giacomo Marini, chairman and CEO at Neato Robotics. “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 company statement, Vorwerk noted, “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. We envision considerable synergies between the two companies, especially in research and development and production.”