In this episode, Steve Crowe, Mike Oitzman and Gene Demaitre discuss the termination of Amazon’s proposed acquisition of iRobot. As a result of the terminated deal, iRobot CEO and co-founder Colin Angle is stepping down, and the company is laying off 31% of its employees.
The companies signed the proposed acquisition agreement on Aug. 4, 2022. Amazon would have acquired the Bedford, Mass.-based robotic vacuum vendor for up to $1.7 billion in cash. That amount was lowered to $1.42 billion after iRobot acquired new debt, and it laid off 10% of its staff, or about 140 employees in August 2022.
We discuss iRobot’s history, its remarkable success in consumer robotics, potential reasons why the deal failed, and what might be next for iRobot.
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