Symbotic a leader in A.I.-enabled robotics technology for the supply chain, announced it has both completed the acquisition of the Advanced Systems and Robotics business from Walmart and signed the related commercial agreement with Walmart covering the development and deployment of automation systems for Accelerated Pickup and Delivery centers (“APDs”) at Walmart stores (the “Commercial Agreement”).
Walmart has chosen Symbotic to develop, build and deploy an advanced solution leveraging Symbotic’s A.I.-enabled robotics platform to offer Walmart customers greater shopping convenience through accelerated online pickup and delivery options at stores. Under the terms of the Commercial Agreement, Symbotic will engage in a development program funded by Walmart to enhance current online pickup and delivery fulfillment systems as well as to design new systems to meet the needs of current and future customers. If performance criteria are achieved, Walmart is committed to purchasing and deploying systems for 400 APDs at stores over a multi-year period, with Walmart’s option to add additional APDs in the coming years. Associated with the development program, Walmart will pay Symbotic a total of $520 million, including $230 million that was paid at the closing of the acquisition of the Advanced Systems and Robotics business from Walmart.
Also Read: Jumpmind Unveils Jumpmind Cloud, Powered by Amazon Web Services
The transaction and new agreement could increase Symbotic’s future backlog by more than $5 billion and adds a micro-fulfillment solution that expands its addressable market by more than $300 billion in the United States alone.
“We’re excited to expand upon our long-term relationship with Walmart while broadening our product offering to automation at the store to support the growth of eCommerce,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic.
SOURCE: GlobeNewswire