Berkshire Grey, a leading robotics and AI company, has announced a collaboration with SoftBank Group to go private. The deal, which is expected to close in the second half of 2021, will see SoftBank acquire all outstanding shares of Berkshire Grey, valuing the company at $2.7 billion.
Berkshire Grey was founded in 2013 by Tom Wagner, a robotics industry veteran, and has since become a leader in the field of intelligent robotic systems. The company’s technology is used by retailers, manufacturers, and logistics companies to automate their operations and improve efficiency.
SoftBank Group, a Japanese multinational conglomerate, is known for its investments in technology companies such as Uber, WeWork, and Arm Holdings. The company’s Vision Fund, which has raised over $100 billion, has been instrumental in funding startups in emerging technologies such as AI and robotics.
The collaboration between Berkshire Grey and SoftBank Group is expected to accelerate the growth of Berkshire Grey’s business by providing additional resources and expertise. SoftBank Group’s experience in investing in technology companies will also be valuable in helping Berkshire Grey expand its customer base and enter new markets.
The go-private transaction will allow Berkshire Grey to focus on long-term growth without the pressure of meeting quarterly earnings targets. The company will also have more flexibility to invest in research and development and pursue strategic partnerships.
In a statement, Tom Wagner, CEO of Berkshire Grey, said, “We are excited to partner with SoftBank Group to accelerate our growth and bring our intelligent robotic systems to more customers around the world. This transaction will provide us with the resources and support we need to continue innovating and delivering value to our customers.”
Masayoshi Son, Chairman & CEO of SoftBank Group, added, “We are thrilled to collaborate with Berkshire Grey and support their mission to transform the logistics and retail industries with their advanced robotics and AI technology. We believe that Berkshire Grey has tremendous potential for growth and look forward to working closely with their talented team.”
Overall, the collaboration between Berkshire Grey and SoftBank Group is a significant development in the field of robotics and AI. The deal will provide Berkshire Grey with the resources and expertise it needs to continue innovating and expanding its business, while SoftBank Group will gain a valuable asset in its portfolio of technology companies.
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