AI-enabled robotic technology developer Symbotic has said that it will acquire the Advanced Systems & Robotics business from Walmart for US$200 million.
The transaction expands an existing partnership between the two companies, with the aim of developing an integrated and automated supply chain.
Walmart chose Symbotic to develop, build, and deploy an advanced solution leveraging Symbotic’s AI-enabled robotics platform to offer Walmart customers “accelerated” online pickup and delivery options at stores.
Symbotic will engage in a development programme funded by Walmart to enhance current online pickup and delivery fulfilment systems, as well as to design new systems to meet the needs of customers.
Additionally, Walmart has committed to purchasing and deploying systems for 400 APDs at stores over a multi-year period.
Walmart will pay Symbotic a total of US$520 million, including US$230 million at closing.
The transaction and new agreements could increase Symbotic’s future backlog by more than $5 billion and adds a micro-fulfilment solution that expands its addressable market by more than $300 billion in the United States alone.
Rick Cohen, Chairman and chief executive officer of Symbotic, said: “This is a highly strategic transaction for Symbotic as we expand upon our long-term relationship with Walmart and broaden our product offering beyond the traditional warehouse to e-commerce settings for last mile delivery”
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