Cadre Holdings [CDRE] in late December said it has agreed to acquire ICOR Technology, a small Canadian developer and manufacturer of ground robotic platforms for public safety and military applications.
Terms of the pending deal were not disclosed. The transaction is expected to close during the first quarter of 2024. ICOR had about $20 million in sales for the 12 months ending in July 2023.
ICOR offers the CALIBER family of tracked robotic vehicles, ranging from the 735-pound MK4, which boasts a 200-pound lift capacity, to the Mini-CALIBER, a 64-pound robot with a 15-pound lift capacity designed for rapid tactical missions such as searching buildings, hallways, stairways, and confined spaces.
ICOR sells its systems to explosive ordnance disposal, military, and law enforcement agencies globally.
“With a leading market position, high margins, compelling macroeconomic trends, and resiliency through cycles, ICOR is an ideal add-on to Cadre’s EOD business,” Warren Kanders, Cadre’s chairman and CEO, said in a statement. “Importantly, the addition of ICOR will meaningfully expand our ability to provide mission-critical EOD robots to law enforcement agencies and military organizations, which is an area that we are intimately familiar and supported by anticipated strengthening tailwinds.”
Cadre manufactures and distributes body armor, EOD equipment, tactical duty gear and tactical robots for federal, state, and local law enforcement customers.