Robotic Assistance Devices Acquired by On the Move Systems
The acquisition will give RAD, a North American distributor for SMP Robotics, access to capital to expand its robots-as-a-service rental program.
LAGUNA HILLS, Calif. — On the Move Systems (OTC PINK: OMVS) has acquired Robotic Assistance Devices (RAD), a North American distributor for San Francisco-based SMP Robotics, which manufacturers autonomous mobile robots.
In July, OMVS completed its due diligence on RAD as part of the binding letter of intent entered into May 10 for the purchase of 100% of RAD. Terms of the transaction, which closed Aug. 31, were not disclosed.
The merger with OMVS allows RAD, founded in 2016, access to capital to scale its product portfolio and help further increase its market position in the robotic guard market, according to an announcement.
“Over the past year, we’ve built significant momentum in the security and robotics markets and our alliance with OMVS demonstrates the next evolution of our business strategy,” says Steve Reinharz, the president and CEO of RAD. “With our combined teams, we are able to deliver more innovative solutions that provide our customers and partners with an incredible advantage in their respective markets.”
RAD’s security robots serve as a force multiplier and remove security personnel from potentially dangerous situations, reducing liability for organizations, according to the company. RAD is said to have a sales pipeline of more than 50 Fortune 500 companies and more than 25 qualified dealers and distributors that have a combined customer base of more than 35,000 corporations.
RAD deploys its robots using a “robots-as-a-service” rental program charging on a monthly basis for the robot. Included in the monthly fee are regular maintenance, warranty, upgrades, training and retraining and deployment.
“Steve and his team have successfully built a company focused on their mission of delivering results to the security and guarding industries,” says OMVS CEO Garrett Parsons. “Now, with this merger, they will be able to take that mission to the next level expanding the reach of the security guard robot and creating a shift in the way guarding companies do business.”
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