Boxlight Acquires Modern Robotics for $970K to Expand STEM Offerings

Mergers and Acquisitions

Boxlight Acquires Modern Robotics for $970K to Expand STEM Offerings

Mar 15, 2019

OUT OF THE BOX: Boxlight Corp., a publicly traded company that offers interactive displays and hardware for education markets, continued its buying spree with Modern Robotics Inc., which offers a program to help K-12 students learn programming and robotics.

While Lawrenceville, Ga.-based Boxlight is best known for its displays, the company is “excited to expand our offerings in the red-hot field of STEM and robotics learning,” CEO Mark Elliott said in a prepared statement. Over the next 12 months, the company expects to generate more than $2 million in robotics and programming revenue, according to the press release.

Boxlight bought Modern Robotics’ assets for $970,000, which includes a $70,000 promissory note and 200,000 shares of Boxlight Class A common stock (valued at $4.50 per share in the deal), according to documents filed with the Securities and Exchange Commission. Modern Robotics CEO Stephen Barker will join the Boxlight as its vice president of robotics. His base pay is $120,000 a year.

Boxlight shares traded at $2.84 Friday morning, up from $2.64 Thursday morning. Boxlight’s previous acquisitions include EOS Education, Qwizdom, Cohuburate and Mimio.

OUT OF THE BOX: Boxlight Corp., a publicly traded company that offers interactive displays and hardware for education markets, continued its buying spree with Modern Robotics Inc., which offers a program to help K-12 students learn programming and robotics.

While Lawrenceville, Ga.-based Boxlight is best known for its displays, the company is “excited to expand our offerings in the red-hot field of STEM and robotics learning,” CEO Mark Elliott said in a prepared statement. Over the next 12 months, the company expects to generate more than $2 million in robotics and programming revenue, according to the press release.

Boxlight bought Modern Robotics’ assets for $970,000, which includes a $70,000 promissory note and 200,000 shares of Boxlight Class A common stock (valued at $4.50 per share in the deal), according to documents filed with the Securities and Exchange Commission. Modern Robotics CEO Stephen Barker will join the Boxlight as its vice president of robotics. His base pay is $120,000 a year.

Boxlight shares traded at $2.84 Friday morning, up from $2.64 Thursday morning. Boxlight’s previous acquisitions include EOS Education, Qwizdom, Cohuburate and Mimio.

 

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