SPX Corporation announced that it has acquired ULC Robotics, a leading developer of robotic systems, machine learning applications and inspection technology for the energy, utility and industrial sectors. A pioneer in the field of Robotics-as-a-Service (RaaS), ULC operates a growing, recurring-revenue business called CISBOT which uses robotic solutions designed to rehabilitate and extend the life of natural gas distribution networks for utility customers. ULC also operates a custom Research & Development (“R&D”) business that provides cutting edge technology solutions to a growing base of utility and industrial customers.
ULC is headquartered in Hauppauge, New York, with a significant presence in the United Kingdom. Its results will be reported with SPX’s Location & Inspection platform within its Detection & Measurement segment. Over the last twelve months ULC Robotics has had revenue of approximately $40 million and, once integrated, is anticipated to be accretive to SPX’s Detection & Measurement segment margin. The acquisition is expected to have a modest impact on SPX’s 2020 Adjusted EPS.
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Gene Lowe, SPX Corporation’s President and CEO, commented, “We are excited to welcome the ULC Robotics team to SPX. ULC’s Robotics-as-a-Service business is a strong complement to SPX’s world-class suite of solutions for the location, inspection and maintenance of underground infrastructure. The addition of ULC’s R&D business further enhances SPX’s capacity to develop advanced technology solutions, such as artificial intelligence (AI) and machine-learning, for customers across our platforms. The combination of ULC Robotics’ expertise in technology and solutions development with SPX’s market-leading capabilities in product commercialization, market development, and brand and channel management creates strong growth opportunities for our employees, customers and shareholders.”
Gregory Penza, Founder and CEO of ULC Robotics commented, “This transaction is a great step forward for ULC Robotics. SPX’s extensive resources, expertise at commercializing new products and dedication to growing its Location and Inspection portfolio create attractive opportunities for ULC’s employees and customers alike.”
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Under the terms of the purchase agreement, a subsidiary of SPX acquired ULC Robotics, Inc., ULC Robotics International, Inc., and ULC Pipeline Robotics LLC for cash consideration that includes an upfront payment and subsequent, contingent cash payments depending on certain operational and financial performance milestones. ULC’s RaaS CISBOT business and R&D business will operate under separate, distinct legal entities within SPX.
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