|To: FUBHO who wrote (134)||3/19/2012 5:37:42 PM|
|From: Brian Sullivan||Read Replies (1) | Respond to of 174|
|Amazon.com to Acquire Kiva Systems, Inc. |
SEATTLE--(BUSINESS WIRE)-- Amazon.com, Inc. ( AMZN) today announced that it has reached an agreement to acquire Kiva Systems, Inc., a leading innovator of material handling technology.
Amazon has long used automation in its fulfillment centers, and Kivas technology is another way to improve productivity by bringing the products directly to employees to pick, pack and stow, said Dave Clark, vice president, global customer fulfillment, Amazon.com. Kiva shares our passion for invention, and we look forward to supporting their continued growth.
For the past ten years, the Kiva team has been focused on creating innovative material handling technologies, said Mick Mountz, CEO and founder of Kiva Systems. Im delighted that Amazon is supporting our growth so that we can provide even more valuable solutions in the coming years.
Following the acquisition, Kiva Systems headquarters will remain in North Reading, Massachusetts.
Under the terms of the agreement, which has been approved by Kivas stockholders, Amazon will acquire all of the outstanding shares of Kiva for approximately $775 million in cash, as adjusted for the assumption of options and other items. Subject to various closing conditions, the acquisition is expected to close in the second quarter of 2012.
4:54 PM Amazon ( AMZN) -1.1% AH after agreeing to buy privately-held Kiva Systems, which makes robotic technology for warehouse shelf and pallet systems, for $775M in cash.
5:15 PM More on Amazon/Kiva: Kiva has been growing at an 80% clip thanks to an innovative robot/software solution that automates "the process of picking, packing and shipping" products. Founder Mick Mountz boasts Kiva's solution, which has an average price of $5M, can handle 2x-4x as many orders/hour as a traditional approach. One unanswered question is the extent to which Amazon will support Kiva customers such as Staples, Gap, Saks, and Walgreen. AMZN now +0.1% AH. ( PR) [ Tech, M&A] 1 Comment
I was always interested in possibly investing in Kiva, but it was privately held.
There are lots of cool Kiva robotic videos out there of YouTube:
Warehouse Robots at Work: