Berkshire Grey (BG) has closed a deal with the special purpose acquisition company (SPAC) Revolution Acceleration Acquisition Corp (RAAC) to file a public offering with a post-transaction equity value of up to $2.7 billion.
Berkshire Grey’s artificial intelligence (AI) and robotic solutions will service eCommerce, retail replenishment and logistics, according to a press release on Wednesday (Feb. 24).
“Berkshire Grey was founded to help our customers compete even more favorably in the rapidly evolving worlds of retail and logistics,” said Tom Wagner, founder and CEO of BG. “Consumer expectations have changed, putting more pressure on supply chain operations to get the right goods to the right places at the right times as efficiently as possible.”
He said that during the past year, the coronavirus pandemic made it evident that fast transformation was necessary for companies to survive.
“We are incredibly excited about this transaction, which will enable Berkshire Grey to accelerate growth and provide new and existing customers with our leading robotics solutions,” Wagner said.
Wagner is the former chief technology officer at iRobot. BG was founded in 2013 and is a pure-play robotics company. The company offers fully integrated, artificial intelligence-based software and hardware solutions.
John Delaney, RAAC CEO, will remain on the board of directors of the combined company upon completion of the transaction.
“Today’s consumers expect a better selection of goods at lower prices, with shipping that is immediate,” said Delaney. “In our judgment, Berkshire Grey’s best-in-class technology and uniquely integrated solutions provide a critical pathway for companies to adapt to these changing needs.”
He added that the firm’s collaboration with a roster of blue-chip clients is a testament to its ability to deliver measurable results.
Amid the worldwide pandemic, it became evident in July that more warehouse space would be necessary. By 2025, it is estimated that 1 billion additional square feet of warehouse space will be needed for the fast growth of eCommerce.
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