BRITISH online supermarket and technology group, Ocado, buys two robotic companies after hiking its profit forecasts.
The purchases of Kindred Systems, an advanced piece-picking robotics company, for $262 million (€225 million) and robotic arm designer Haddington Dynamics Inc for $25 million (€21 million), comes on the back of strong business being done by the company this year, whilst other high-street chains struggle.
Ocado is hiking its profit forecasts due to strong fourth-quarter trading so far after experiencing success from its joint venture with Marks & Spencer.
According to Ocado’s CEO, Tim Steiner: “Ocado continues to see high demand as consumers migrate to online grocery in record numbers. Sales are in line with the trends reported in the Third Quarter although growth rates reflect the seasonality of the quarter.
“As a result of this strong performance, Ocado Group today announces that it expects full-year EBITDA for the group to be over £60m, versus previous guidance of over £40m.”
Speaking about the addition of the two robotics companies Steiner, said: “Given the market opportunity we want to accelerate the development of our systems, including improving their speed, accuracy, product range and economics.
“I am delighted to be welcoming Kindred Systems and Haddington Dynamics to the Ocado group, as we believe they have the capabilities to allow us to accelerate delivery, innovate more, and grow faster.” he continued.
“I am also excited by the opportunity to enter new markets for robotic solutions outside of grocery that is demonstrated by Kindred Systems’ robust growth, with existing customers such as Gap and American Eagle across the general merchandise and logistics sectors,” he concluded.
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