Acquisition positions RWT for growth; company poised to build on its founding strategy

Citation

(2004), "Acquisition positions RWT for growth; company poised to build on its founding strategy", Industrial Robot, Vol. 31 No. 6. https://doi.org/10.1108/ir.2004.04931fab.003

Acquisition positions RWT for growth; company poised to build on its founding strategy

Acquisition positions RWT for growth; company poised to build on its founding strategy

Keywords: Robots, Acquisitions and mergers

The announced acquisition of Robotic Workspace Technologies, Inc. (RWT) by Innova Holdings, Inc. (Innova) is nearing completion. The Board of Directors of RWT has approved the acquisition, RWT and Innova have signed the definitive agreement(s), and RWT shareholders voted in favor of this acquisition at a shareholder meeting scheduled for 9 August 2004.

RWT's patented products have transformed the way that robots and other automation devices are programmed, operated, and upgraded. RWT solutions satisfy a wide variety of control requirements and it is preparing to license its technology to Fortune 500-sized companies in North America, Europe, and Asia.

“Our early years as a company were spent developing products that others felt could not be done. We bet on PC's to become faster, less costly, and to possess more processing capability and memory”, says Walt Weisel, RWT Chairman and CEO. “Field trials began with customers in several diverse industries as proof of concept. Two international founders' patents have been issued and the company plans to produce an even more advanced control while capitalizing on its leadership position.”

The acquisition of RWT will give Innova a new platform for growth through RWT's portfolio of patented, innovative products, and strong brand recognition. This acquisition provides Innova with RWT's entire product and services offering including the PC-based Universal Robot Controller (URC™), Microsoft^® Basic^®-based RobotScript^® programming language, company trademarks, two issued patents, additional patents pending, plus all intellectual property associated with its broad base of applications in the aerospace, pharmaceutical, automotive, defense, nuclear, and other industries.

“I realized years ago that the development of PC technology had reached 'critical mass' and that this platform would increasingly mature to viably support a range of applications well beyond the office environment, as well as to launch new industries that at that time we could only imagine”, says Mr Weisel. “When I founded RWT, my vision was to apply PC technology to robotics, the field to which I had devoted my career the previous 30 years. The launch of the URC and RobotScript was a significant benchmark both for RWT and for PC technology because we had crossed over from office to industrial applications.”

“Since the first generation URC was released”, Mr Weisel continues, “we have not only proven the viability of the PC in industrial applications, but with the introduction of the second generation URC, we also proved the viability of the PC as a unifying platform through which we could integrate emerging technologies and thus support new applications”.

“This acquisition represents yet another benchmark for RWT because Innova and RWT share a very similar vision of the potential of PC technology. Together we firmly believe that we can accelerate the development, implementation, and proliferation of a wide range of new products in new applications”, states Mr Weisel.

RWT's URC™ and RobotScript programming language have been in use since 1998, integrated with Fanuc, Kawasaki, Yaskawa Motoman, Cincinnati Milacron, and ABB robotic arms in applications ranging from palletizing, press tending, arc welding, drilling, and proprietary applications in industries ranging from agriculture and automotive to defense, aerospace, and nuclear processing.

The company has been awarded two US founders' patents for its pioneering work in the field of open-architecture PC control. These patents have been filed internationally and RWT has retained legal council to protect its trade secrets and patent infringement.

“Innova's business is to seek out and acquire technology companies that have demonstrated World-Class potential through their intellectual property, approach to the marketplace, and their differentiation among competitors”, explains Martin Nielson, until recently CEO of Innova and now the Board of Directors Acquisitions Committee Chair. “We have been so impressed with RWT that once the acquisition is complete, not only will Mr Weisel continue on as Chairman and CEO of RWT, our Board has unanimously voted that Mr Weisel also serve as the Chairman and CEO of Innova.”

In his capacity as CEO of Innova, Mr Weisel will be responsible for expanding Innova's portfolio of proprietary technologies, expanding the geographic presence of its acquired subsidiaries, introducing new product and service solutions to the markets of its subsidiaries, and gaining new channels for distribution while accelerating the growth of its subsidiaries.

“The Innova strategy closely parallels the RWT strategy”, says Mr Weisel, “and I believe that together we will maximize combined scale and operational excellence to take full advantage of future growth opportunities, delivering an unmatched portfolio of innovative product, adding strong brand and distribution channels, and with an enhanced management team – in design, engineering, and marketing – we will help drive the market with better and broader solutions”.

Weisel concludes “RWT is currently finalizing plans for the launch of its 'Third Generation' URC to be introduced in the first half of 2005. An aggressive global licensing program for hardware and software technology plus certain trade secrets begins during the fourth quarter of 2004. We've only begun to scratch the surface for PC-based solutions that are software driven, and I expect to keep our company in the leadership position”.

For more information, visit the Web site: www.rwt.com