SPX Technologies acquired ULC Robotics (“ULC”) for $89.2 million (net of $4.0M cash acquired); seller eligible for up to $45.0M earn-out, a transaction completed in September 2020, structured as all cash plus earn-out.
ULC Robotics (“ULC”) operates in Detection & Measurement. ULC Robotics is a leading developer of robotic systems, machine learning applications, and inspection technology for the energy, utility, and industrial markets.
Adds robotics and inspection technology that pairs with SPX's Cues pipeline-inspection franchise in water/wastewater and gas.
Robotics and ML inspection technology for energy, utility and industrial markets, complementary to Cues. Combines with Cues pipeline inspection/rehabilitation for water, wastewater and gas networks. Detection and Measurement reportable segment CEO: “If you think about robotics that goes underground, managing your water, wastewater, or your gas lines, we believe we're the leader in North America with our Cues Robotics brand.”
Advisory firms were not disclosed for this transaction.