Verizon acquiring provider of software for industrial robots
Summary
Verizon is acquiring a mobile robot software company focused on industrial settings, it announced Monday. The telecommunications company, which has a major presence in New Jersey, said in a news release that the deal for incubed IT will expand its capabilities in the robot automation sector. “This acquisition further demonstrates Verizon’s commitment to developing new and innovative businesses and use cases leveraging the power of 5G,” Rima Qureshi, chief strategy officer, said in a prepared statement. By integrating incubed IT’s autonomous software with Verizon’s 5G platform, we have the ability to power robotic automation at scale. “When we combine incubed IT’s capabilities with the reliability, responsiveness and vast capabilities of Verizon’s 5G platform, we will enable faster, less expensive and more effective adoption of robotic automation for enterprises everywhere.” The transaction is expected to close in the first half of the year, subject to customary approvals and conditions.