Symbotic to acquire Walmart robotics unit for $200M and build new systems
Summary
The supply chain robotics company said the transaction expands its relationship with Walmart with the goal of “developing an integrated supply chain.” The total consideration for Symbotic’s acquisition is $200 million in cash at close, subject to customary adjustments, and up to $350 million in additional contingent consideration, depending on the number of Accelerated Pickup and Delivery (APD) systems ordered. “We anticipate the synergy between Symbotic’s expertise and our nearly decade-long relationship in innovating the supply chain technologies to elevate customer service and rapidly advance our in-store Accelerated Pickup and Delivery capabilities.” Walmart has chosen Symbotic to develop, build, and deploy systems to offer Walmart customers greater shopping convenience through accelerated online pickup and delivery options at its stores. With Walmart’s funding, Symbotic will develop technologies to enhance current fulfillment systems and design new ones to meet customer needs. Founded in 2007, Symbotic has developed robots, software, and artificial intelligence serving retail, wholesale, and food and beverage companies. It said that applying its expertise to the APD is a “natural extension” of its collaboration and will help Walmart stores fulfill e-commerce orders more efficiently, economically, and accurately.