Ocado Group has announced that it intends to acquire Myrmex-Inc for approximately 10,2 million euros.
The Greek Startup is active in the development and implementation of robotic systems for material handling robotics. The purpose of the acquisition is to accelerate the development of smart management systems of Ocado Smart Platform, the two companies have agreed the terms of the transaction and acquisition, which is expected to be completed by June 6, 2022.
Ocado Group acquired a minority stake in Myrmex Inc. in October 2020, assigning it to design and develop an exclusive automation solution. The solution aims to manage customer orders and distribute packages for immediate shipment.The launch of the “Automated Frameload” (AFL) took place in January 2022 at the Ocado Re:Imagined event, as one of the seven most critical innovations to be adopted at Ocado’s automated collection and order preparation (CFC) centers later this year.With the acquisition of Myrmex, the rapid expansion of the AFL in Ocado Group’s global CFC network will be achieved, while opening up new opportunities for the development of personalized automation solutions for the Ocado Smart Platform. Myrmex has developed products and solutions capable of being applied to a variety of Ocado CFC processes, while at the same time these technologies have the potential to be applied to physical stores such as for example to automate the process of receiving orders from points (Click&Collect).
“We are excited to welcome Myrmex to the Ocado Group. We are impressed with Myrmex’s capabilities and its ability to design, develop and bring to market innovative solutions. The partnership between the Ocado Group and Myrmex led to the release of automated frameload (AFL) in just over a year.This acquisition is another important step in our path to automation and enables us to further grow and expand our presence in the field of research and development in Southern Europe, continuing to invest in the development of Myrmex’s technologies for the Ocado Smart Platform.”, said James Gralton, Chief Engineering Officer at Ocado Technology.
“We are extremely happy to become a member of the Ocado Group. Over the past 20 months we have been impressed with Ocado Group’s subversive solutions, innovative technology, visionary leadership and talented people.I am proud to see our intellectual property and our outstanding team of engineers recognized by the world leader in e-retail technology and I am excited about the journey ahead of us.”, stated George Katiniotis, CEO of Myrmex.