What Does Zebra’s Acquisition of Fetch Robotics Amount to?

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3Q 2021 | IN-6226


Fetching a Decent Price


Zebra Technologies, a global logistics technology developer with a market value of US$25 billion, has acquired the final 95% of Fetch Robotics after initially investing in 5% of the company in 2019. The final valuation for Fetch Robotics was US$305 million, close to thirty times the current yearly revenue of Fetch, which is around US$10 million. This valuation is largely in line with previous acquisitions of AMR vendors. The comparative case is Teradyne’s acquisition of Mobile Industrial Robots (MiR) in 2018 for US$272 million. MIR recently posted US$42 million in revenue for 2020, assisted by the expansive ecosystem of distributors and system integrators utilized by Teradyne’s Industrial Automation division.

While MIR and Fetch Robotics were started only one year apart, the revenue gap is striking. Importantly, Fetch can utilize the resources of Zebra Technologies, which dominates the bar-code scanning market. While MIR is focused primarily on production logistics as a critical market and emphasizes small fleet sizes per deployment, Fetch has centered around warehouses, distribu…

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