The acquisition of fast-growing Queensland mining sector startup Universal Field Robots by the Swedish engineering giant Sandvik is an overwhelming validation of Australian expertise in remote automation and robotics.
But the acquisition also puts up warning flags about our national ability to scale capital intensive hardware startups into global companies.
Sandvik announced the acquisition of UFR last week for an undisclosed sum. In the latest financial year, Universal Field Robots had produced revenue of about $11.5 million. It is not clear whether the company was yet profitable. The deal is expected to close in the fourth quarter.
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