ZBRA shares drop after it announces to buy Fetch Robotics
Zebra Technologies (ZBRA) announced to buy startup Fetch Robotics to move forward into its intelligent industrial automation. But after the acquisition news, ZBRA stock prices dropped by 1.3% on the news.
Lincolnshire, Ill.-based Zebra will pay $290 million in cash for the 95% of Fetch Robotics that it doesn’t already own. Zebra had earlier invested in Fetch as part of its Zebra Ventures initiative.
Zebra makes bar code scanners, rugged mobile computers and printers, and RFID tracking tags that link to enterprise systems to enable real-time visibility of inventory and other assets. It offers systems for retail, e-commerce, health care, manufacturing, transportation, and other industries.
“The acquisition of Fetch Robotics will accelerate our Enterprise Asset Intelligence vision,” Zebra Chief Executive Anders Gustafsson said in a news release.