FLIR Systems [FLIR] on Monday said it has completed its $382 million cash acquisition of Endeavor Robotics, giving it an entrée into the unmanned ground vehicle (UGV) space.
The purchase price is $3 million less than what FLIR said when it announced in February the agreement to acquire Endeavor from the private equity firm Arlington Capital Partners
, which acquired the defense business of iRobot [IRBT] in April 2016 for about $45 million and renamed it Endeavor Robotics.
“With the addition of Endeavor, FLIR becomes a leading provider of unmanned aerial and ground solutions to support the needs of warfighters, and public safety and critical infrastructure professionals,” Jim Cannon, FLIR’s president and CEO, said in a statement.
FLIR entered the unmanned aerial vehicle market in 2016 with the acquisition of Prox Dynamics, which makes Nano unmanned aircraft systems. Earlier this year FLIR acquired Aeryon Labs, which makes a quadcopter product in the small UAS space.
Endeavor has delivered more than 7,000 UGVs to customers in over 55 countries. Most of the company’s sales, which aren’t disclosed, are for defense products.
FLIR said borrowing costs to fund the deal will dilute earnings by three cents a share in 2019 and that the acquisition will be accretive beginning in 2020.