FOSTER CITY, CA, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Mooreland Partners (http://www.moorelandpartners.com), the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, announced today that it acted as the exclusive financial advisor to Aethon on its sale to Singapore Technologies Engineering (“ST Engineering”), a Singapore-based global defense and engineering firm specializing in the aerospace, electronic, land systems and marine sectors. Aethon will become a division of ST Engineering’s US subsidiary VT Systems, and will be part of the Group’s Land Systems sector which is led by ST Kinetics.
Based in Pittsburgh, Pennsylvania, Aethon is a pioneer in fully autonomous mobile robots capable of operating safely around people. The Company’s TUG® robot automates intra-logistics in manufacturing, healthcare and other commercial environments by reliably and safely delivering goods and supplies. The TUG is capable of independently navigating complex environments while hauling a variety of payloads up to 1,400 lbs. The TUG robot is a proven delivery system that has been deployed in more than 160 customer sites across the globe where it has traveled over 2.5 million miles and made well over 20 million deliveries.
Mooreland’s Industrial Technologies team continues to cement its position as a leading M&A advisor to the global robotics industry. The acquisition of Aethon expands ST Kinetics’ autonomous mobile robot technology and will leverage ST Kinetics’ technological capabilities and market access to the industrial, healthcare and hospitality segments across the Asia Pacific. Aethon will also further consolidate its leading position in the US healthcare segment, expand its footprint in the industrial and hospitality segments, and concurrently penetrate the European market. “We think the deployment of collaborative robots in the workplace will continue to accelerate as companies realize the tremendous cost savings and efficiencies associated with this technology”, said Rick Dalton, Managing Director in Mooreland Partners’ Silicon Valley office.
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