Teradyne Inc. today announced the acquisition of privately owned Mobile Industrial Robots (MiR) for €121 million ($148 million U.S.), plus €101 million ($124 million) if certain performance targets are met through 2020.

Odense, Denmark-based MiR supplies collaborative, autonomous mobile robots (AMRs) for industrial applications. North Reading, Mass.-based Teradyne also owns Universal Robots, the market leader in collaborative robots, or cobots. Universal Robots is also based in Denmark.

“Like Universal Robots’ collaborative robots, MiR collaborative AMRs lower the barrier for both large and small enterprises to incrementally automate their operations without the need for a specialty staff or a re-layout of their existing workflow,” stated Mark Jagiela, president and CEO of Teradyne.

MiR CEO Thomas Visti said the acquisition would let his company advance engineering and development around AMRs for industrial markets.

“Teradyne’s worldwide reach, world-class engineering and support capabilities, financial strength and proven model for leveraging those strengths will help us grow in new and existing markets worldwide,” Visti said.

Niels Jul Jacobsen, the founder of MiR, said the acquisition would allow the company to grow globally.

“My main focus is to get our mobile robots out to the entire world,” he said.

MiR said it was profitable in 2017, with an annual revenue of $12 million (triple the revenue of 2016). It had $5 million in sales in Q1 2018. In 2017, Teradyne had revenue of $2.14 billion.

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