NOVT - Novanta agrees to buy ATI

Technology solutions provider Novanta (NOVT) has agreed to acquire privately held ATI Industrial Automation ((ATI)) for $172M upfront in cash, with the deal likely to close in Q321.Founded in 1989, ATI provides intelligent end-of-arm technology solutions to original equipment manufacturers ('OEMs') for advanced industrial and surgical robots. It is headquartered outside Raleigh, North Carolina and employs over 350 people.Commenting on the deal, Matthijs Glastra, CEO and Chairman of Novanta, said, "ATI is a fantastic business with proprietary intellectual property in attractive and growing markets. The business adds intelligent technology solutions and expands Novanta’s position in mission critical robotic applications, such as electric vehicle production, medical robotics, and collaborative robotics. In addition, the transaction creates a nearly $250M Precision Motion Segment with significant engineering competency to further accelerate our growth."Pursuant to the acquisition, additional contingent cash payments will be made based on 2021 financial performance. Novanta will also grant performance stock

For further details see:

Novanta agrees to buy ATI