NEWARK, Calif., Sept. 20, 2017 (GLOBE NEWSWIRE) -- Neato Robotics, leader in smart robots for the home, today announced its been acquired by German based Vorwerk Group. Terms of the transaction were not disclosed.
The Vorwerk Group first invested in Neato Robotics in 2010. With this acquisition, the German family-owned enterprise enhances 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.
"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.”
“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,” was the Managing Partners appraisal of the acquisition. 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,” say the Managing Partners.
About Neato
Neato Robotics designs robots for the home to improve people’s lives, allowing them to spend less time doing household chores and more time on the things they love. Neato drives innovation with intelligent laser navigation, mapping, smart home connectivity, and superior cleaning technologies. Neato was recently recognized for its leadership, culture and dedication to its employees by being named to the Bay Area News Group’s 2017 list of the “Top 100 Workplaces” in the San Francisco area based on employee feedback. Neato was most recently awarded the ‘Best Smart Home & Appliances’ for its Botvac D7 Connected at IFA 2017 in Berlin. For more information, visit: www.neatorobotics.com.
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About Vorwerk
The Vorwerk & Co. KG family enterprise was founded in 1883. The holding company’s registered office is located in Wuppertal, Germany. Vorwerk’s core business encompasses both the production and sale of high-quality household products (Thermomix kitchen appliance, Kobold vacuum cleaner, Twercs tools, Lux Asia Pacific products) and cosmetics (JAFRA Cosmetics). Here, Vorwerk always seeks direct contact to the customer – be it through direct selling, via its own e-shops or its Vorwerk stores in good inner-city locations. The Vorwerk family also includes the akf bank, Vorwerk flooring and its sister group, HECTAS. Worldwide there are more than 649,000 people working for Vorwerk, some 637,000 of whom are independent advisors. Vorwerk generated consolidated sales of 3.1 billion euros (2016) and operates in more than 70 countries.
Neato Media Contact:
Aparna Aswani
Director of Global Communications
Phone: +1.415.699.8331
press@neatorobotics.com
Vorwerk & Co. KG Media Contact:
Michael Weber
VP Corporate Communications
Phone: +49 202 564-1247
michael.weber@vorwerk.de