Kiva Systems' headquarters will remain in North Reading, Massachusetts
SEATTLE--Amazon.com, Inc. (NASDAQ:AMZN) today announced that it has reached an agreement to acquire Kiva Systems, Inc., a leading innovator of material handling technology.
"For the past ten years, the Kiva team has been focused on creating innovative material handling technologies"
"Amazon has long used automation in its fulfillment centers, and Kiva's technology is another way to improve productivity by bringing the products directly to employees to pick, pack and stow," said Dave Clark, vice president, global customer fulfillment, Amazon.com. "Kiva shares our passion for invention, and we look forward to supporting their continued growth."
"For the past ten years, the Kiva team has been focused on creating innovative material handling technologies," said Mick Mountz, CEO and founder of Kiva Systems. "I'm delighted that Amazon is supporting our growth so that we can provide even more valuable solutions in the coming years."
Following the acquisition, Kiva Systems' headquarters will remain in North Reading, Massachusetts.
Under the terms of the agreement, which has been approved by Kiva's stockholders, Amazon will acquire all of the outstanding shares of Kiva for approximately $775 million in cash, as adjusted for the assumption of options and other items. Subject to various closing conditions, the acquisition is expected to close in the second quarter of 2012.
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About Kiva Systems
Kiva Systems, Inc. uses material handling technology and sophisticated control software to simplify operations, reduce costs and increase flexibility. Kiva solutions enable extremely fast cycle times, from receiving to order picking to shipping all in a single solution. The result is a building that is quick and low-cost to set up, inexpensive to operate, and easy to change. For more information about Kiva Systems and its solutions, please visit www.kivasystems.com.