Rockwell Automation agreed to acquire a Canadian company that makes autonomous mobile robots for industrial settings with model names including Warthog, Jackal, Dingo and Turtlebot.
Rockwell called such robots the next frontier in industrial automation and transformation and said the transaction will supercharge Rockwell’s market share in the category. Rockwell said the robots address the challenges of transporting parts and materials to assembly lines and between manufacturing cells that often result in production bottlenecks.
The Milwaukee-based industrial automation and software firm (NYSE: ROK) didn’t disclose the price it will pay for Clearpath Robotics Inc. of Kitchener, Ontario. Rockwell said it will fund the acquisition with a portion of the proceeds from the company’s August sale of PTC Inc. and expects the Clearpath transaction to close by calendar year-end 2023.
Citing data from Interact Analysis, Rockwell said the market for autonomous mobile robotics in manufacturing is expected to grow about 30% per year over the next five years, with an estimated market size of $6.2 billion by 2027. The acquisition is expected to contribute a percentage point to Rockwell’s fiscal 2024 revenue growth.
Rockwell's fiscal 2022 revenue approached $7.8 billion, with the company saying in its fiscal third quarter earnings release Aug. 1 that sales this year are expected to grow by 14% to 16%. That would put 2023 sales near or above the $9 billion mark.
Clearpath’s website said the company provides hardware, software and services to enable self-driving vehicle development, deployment and operation. Clearpath said it works with over 500 brands in over 40 countries, serving industries such as industrial materials handling, mining, military, agriculture, aerospace and academia.
Clearpath’s OTTO Motors Division offers robots and fleet management and navigation software that increase throughput and reduce costs, Rockwell said.
The new acquisition will complement Rockwell’s existing partnerships in fixed robotic arms, solutions such as independent cart technology and Rockwell’s long-running programmable logic controllers (PLC) product line, Rockwell said.
"Rockwell and Clearpath together will simplify the difficult and labor-intensive task of moving materials and product through an orchestrated and safe system to optimize operations throughout the entire manufacturing facility," Rockwell chairman and CEO Blake Moret said in a press release. "The combination of autonomous robots and PLC-based line control has long been a dream of plant managers in industries as diverse as automotive and consumer packaged goods.”
Data from Rockwell’s offerings and OTTO Motors’ autonomous mobile robots will be harnessed in artificial intelligence-powered software-as-a-service information management applications, such as those by Rockwell’s Plex and Fiix businesses, Rockwell said.
Matt Rendall, co-founder and CEO of Clearpath, said his company will help expand Rockwell's leadership position in advanced material handling.
"Together, we will create safer and more productive workplaces with autonomous technology," Rendall said.
Clearpath was founded in 2009 and in 2015 launched its OTTO Motors Division.
