What is going on with IRBT?
iRobot Corporation (IRBT) stock fell today after the consumer robot manufacturer announced that it has acquired privately-held Aeris Cleantec AG, an air purifier provider headquartered in Switzerland.
Founded in 2015, Aeris Cleantec air purifiers use HEPA filtration to remove pollutants, including allergens, smoke, odors and pet dander from the home.
The offering also contains a mobile app which can activate their air purifier, control the fan speed, and compare indoor and outdoor air quality.
Shares of IRBT declined 0.84% to $88.78 as of Thursday at 12:22pm.
What does this mean for iRobot?
iRobot's acquisition of Aeris will help the company gain a foothold the growing air purifier market, which is estimated to expand from $3.4 billion in 2020 to over $6.7 billion in 2027.
iRobot plans to leverage its extensive marketing capabilities and global network of retail partners and distributors to grow the Aeris brand around the world.
"Today's acquisition of Aeris is an important step in iRobot's strategy to expand our total addressable market and diversify our product portfolio in ways that will provide consumers with new ways to keep their homes cleaner and healthier," said Colin Angle, chairman and CEO of iRobot.
"We are enthusiastic about the growth potential for Aeris' products, especially as the pandemic has raised greater consumer awareness of the value of maintaining a cleaner, healthier home."
Aeris' founders Pierre Bi, CEO, and Constantin Overlack, COO, will join iRobot and lead air purification product operations, including engineering, product management and design.
IRBT has an Overall Score of 25. Find out what this means to you and get the rest of the rankings on IRBT!
iRobot Corp is a US-based consumer robot company. It designs and builds robots that assist consumers with the solutions for the activities to be carried both inside and outside of the home. The company's consumer robot comprises a portfolio of solutions which includes cleaning, mapping and navigation, human-robot interaction, and physical solutions. The company operates in the business segment of Consumer robots. The consumer robot products are provided to the consumers by retail businesses and online store. The company primarily derives its revenue from the product sales. It sells the products across the United States and around the world.
