Sarcos Acquires Pittsburgh’s RE2 for $100M
March 28, 2022
Sarcos Technology and Robotics Corporation has announced a definitive merger agreement with Pittsburgh-based RE2 Inc., which develops autonomous and teleoperated mobile robotic systems for use in the aviation, construction, defense and medical industries. The transaction is $100 million, consisting of $30 million in cash and $70 million of Sarcos common stock.
Following the transition, the shared product suite will allow the combined company to target a much broader spectrum of customer needs across the commercial and defense sectors. The initial product line will include Sarcos’ Guardian XO full-body battery-powered industrial exoskeleton, the Guardian XT teleoperated dexterous mobile robotic avatar system, and RE2’s Sapien line of arms that feature capabilities such as precision arms for surgical applications, and rugged outdoor arms for construction tasks. RE2 also makes the Sapien Sea Class system, which can operate in shallow and deep water to perform inspection and maintenance tasks across multiple industries.
RE2’s portfolio includes technologies in surgical robotics, aviation maintenance, and construction automation, with sales of more than 650 robot arm products that operate in unstructured environments into the market since 2010. The company generated approximately $15 million in revenue in 2021.
In addition, the new company said it expects to advance robotic autonomy in unstructured environments by leveraging RE2’s Detect outdoor computer vision solution and Intellect autonomy software, along with the Sarcos Cybernetic Training for Autonomous Robots (CYTAR) AI and machine learning program.
RE2 was founded by Jorgen Pederson, CEO and president, in 2001 as a spinout of Carnegie Mellon’s National Robotics Engineering Center (NREC) and has more than 100 employees in Pittsburgh. Pedersen will become the chief operating officer of Sarcos once the merger is complete.
“We are delighted to welcome the RE2 team to Sarcos,” said Kiva Allgood, president and CEO of Sarcos. “This transaction brings an innovative company with a complementary but additive suite of products into the Sarcos family, allowing us to offer a much wider range of solutions to address our customers’ needs. It will also allow us to expand our offerings to new industries such as medical and subsea, deepen our team of robotics experts, and advance the development of AI and machine learning technologies for use in unstructured environments.”
“Across the globe, robotic technologies are changing the way workers perform complex, often dangerous tasks, particularly during a time of widespread skilled labor shortages,” said Pedersen. “By combining our organizations, Sarcos can now offer a variety of robotic solutions to a broader customer base.”
Sarcos said the transaction was expected to close in Q2 of 2022, given the satisfaction of closing conditions. For more details on Sarcos, visit its website here. To learn more about RE2, visit its website here.
