BEDFORD, Mass., April 11, 2017 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced that it has closed the previously announced acquisition of the iRobot-related distribution business of privately-held Sales On Demand Corporation (SODC) based in Tokyo, Japan. The preliminary purchase price of approximately $18 million, equal to the book value of the acquired assets, is subject to adjustments and will be finalized no later than May 18, 2017. The company also announced that Hajime Hikino, has been named president and representative executive officer of iRobot Japan. Mr. Hikino will assume day-to-day operational responsibility for all market activities in country. Japan is a key strategic country for iRobot, given its status as the largest consumer robotics market outside of North America.
As announced on November 21, 2016, the acquisition will better enable iRobot to maintain its leadership position and accelerate the growth of its business in Japan through direct control of pre- and post-sales market activities including sales, marketing, branding, channel relationships and customer service. It also provides iRobot with a talented team in Japan that already understands iRobot and the Japanese market, and a team that has the relationships and proven capabilities required to succeed.
Mr. Hikino comes to iRobot with a successful global track record of establishing and growing profitable consumer businesses in Japan. He has a wealth of experience developing premium consumer technology brands, while both managing and growing relationships with strategic partners to drive growth. Most recently, Mr. Hikino served as Representative Director at Bose K.K. where he oversaw Asia sales and channel development, covering a wide range of regions such as Japan, China, India, Korea, ASEAN and the Middle East. He initially joined Bose Corporation as General Manager for Japan in 2013. Under his leadership, the company established a strong market position with consecutive years of double digit growth. Prior to Bose, Mr. Hikino spent 20 years in various Japan, Asia-Pacific and global roles with Hewlett-Packard.
"iRobot is excited to begin a new chapter in Japan, a market that has proven very successful in the past and holds even more promise for the future," said Colin Angle, chairman and chief executive officer of iRobot. "We welcome Hajime, and the entire team in Japan, to iRobot as we continue to drive increased adoption of robots for the home and solidify our leadership position in the market."
"I am excited to join iRobot, a company that has a long history of providing innovative consumer technologies to the Japanese market," said Hajime Hikino, president and representative executive officer of iRobot Japan. "In Japan, iRobot experienced revenue growth and increased momentum in 2016, and revenue growth is expected to accelerate in 2017. I am confident that our dedicated organization will capitalize on the many opportunities in front of us."
Additional financial details will be provided in the company's first-quarter earnings release on April 25, 2017.
About iRobot Corp.
iRobot, the leading global consumer robot company, designs and builds robots that empower people to do more both inside and outside of the home. iRobot created the home robot cleaning category with the introduction of its Roomba® Vacuuming Robot in 2002. Today, iRobot is a global enterprise that has sold more than 15 million robots worldwide. iRobot's product line, including the Roomba and the Braava™ family of mopping robots, feature proprietary technologies and advanced concepts in cleaning, mapping and navigation. iRobot's engineers are building an ecosystem of robots and data to enable the smart home. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to iRobot Corporation's expectations concerning future sales and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
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SOURCE iRobot Corp.
Elise Caffrey, Investor Relations, iRobot Corp., (781) 430-3003, ecaffrey@irobot.com; Charlie Vaida, Media Relations, iRobot Corp., (781) 430-3182, cvaida@irobot.com
