Ocado Group looks to acquire robotics startup Myrmex
Ocado Group has announced the proposed acquisition of materials handling robotics startup Myrmex for approximately €10.2 million.
The two companies expect to complete the deal by 6th June.
Ocado Group previously acquired a minority stake in Myrmex in October 2020 and appointed it to design and develop a proprietary solution, Automated Frameload, that automates the loading of totes containing customer orders onto frames ready for dispatch.
This will be going live in Ocado Group CFCs later this year.
James Gralton, Chief Engineering Officer at Ocado Technology, says: “We’ve been impressed with Myrmex’s capabilities and their ability to design, develop and bring to market bespoke solutions.”
“The collaboration between Ocado Group and Myrmex led to the launch of Automated Frameload in a little over a year.”
“This acquisition is another important step on our automation journey and provides an opportunity to further grow and expand our engineering presence in Southern Europe as we continue to invest in developing Myrmex’s technologies for the Ocado Smart Platform.”
George Katiniotis, CEO at Myrmex, says: “Over the last 20 months, we’ve been impressed with Ocado Group’s disruptive products, pioneering technology, visionary leadership and talented people.”
“I am proud to see our intellectual property and brilliant engineering team recognised by the global leader in online grocery and am excited about the journey ahead of us.”
