Verizon Communications Inc. announced it has agreed to acquire autonomous mobile robot software company incubed IT. The company is an inventor of a software platform providing autonomous navigation tools to control, manage and optimize mixed taskforces of robots in industrial settings.
The agreement, financial details of which were not revealed, is anticipated to close in the first half of the year, subject to customary closing conditions. As part of the deal, incubed IT’s workforces will join the Verizon New Business Incubation team.
Rima Qureshi, Chief Strategy Officer at Verizon said, “This acquisition further validates Verizon’s dedication to developing new and ground-breaking businesses and use cases leveraging the power of 5G.” She added “Mobile robot instrumentation is an actual and up-and-coming challenge faced by organizations today. By combining incubed IT’s autonomous software with Verizon Communication’s 5G platform, we will have the skill to power robotic automation at the crust. This will generate new occasions for enterprise customers to better and more efficiently monitor and enhance their business processes.” The transaction is subject to customary closing conditions and is anticipated to wind-up in the first half of 2021.
Incubed IT’s services comprise a navigation toolkit, fleet management system to administer autonomous mobile robot fleets, and data monitoring and analytics reporting services.
Elise Neel, vice president of Verizon New Business Incubation stated, “The combination of Verizon’s 5G platform with incubed IT’s software will “allow faster, less expensive and more operational adoption of robotic automation for enterprises everywhere.”
CEO of incubed IT Stephan Gspandl said “We are delighted of all the incubed IT team has achieved to get us to this point, and we look forward to increasing on our successes and competencies.” He added, “By joining the Verizon team, we have the chance to bring our software to wider audiences and to help form the future of robotic automation.”