Home Startups Ocado acquires Greek robotics startup Myrmex for €10 million to accelerate automation

Ocado acquires Greek robotics startup Myrmex for €10 million to accelerate automation

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British technology company Ocado Group announced the acquisition of a Greek robotics start-up Myrmex in a deal worth €10.2 million, which aims to accelerate the development of intelligent asset management systems for the Ocado smart platform.

Ocado Group, which provides end-to-end online grocery fulfillment solutions to some of the world’s largest grocery retailers, previously acquired a minority stake in Myrmex Inc in October 2020 and commissioned the Greek company to design and to develop an exclusive solution that automates loading. of bins containing customer orders on frames ready to be shipped.

Ocado also offers the Automated Frameload (AFL) solution which was unveiled at Ocado Re:Imagined in January 2022 as one of seven critical solutions. novelties, and will go live in Ocado Group Customer Fulfillment Centers (CFCs) later this year. CFCs are highly automated warehouses built for grocery companies that Ocado has partnered with, in countries including the UK, Australia and more.

According to the British technology company, the acquisition of Myrmex will enable faster deployment of AFL across Ocado Group’s global CFC footprint, as well as open up new opportunities for the development of automation solutions for its intelligent platform.

“The acquisition of Myrmex will allow us to accelerate the deployment of AFL in our CFCs around the world, as well as leverage Myrmex intellectual property in other areas to develop more advanced automation for our warehouses worldwide. We are delighted to welcome the Myrmex team of world-class engineers to the Ocado Group. This acquisition will enable us to continue our growth and expand our presence in South East Europe,” James Gralton, director of engineering at Ocado Technology, told The Recursive.

Ocado Technology already covers 11 development centers across the world and over 2,500 technologies that develop advanced end-to-end platforms for online grocery globally, Gralton added.

Disruptive solutions and pioneering technology

Established in 2015, Myrmex has developed products and solutions applicable to a variety of processes in the UK company’s CFCs, but its technology also has potential applications for in-store locations, particularly for automating the order pickup process groceries.

According to George Katiniotis, CEO of Myrmex, the Greek startup has worked closely with the British company over the past 20 months and realized that the two companies are aligned in their businesses.

“We are impressed by its revolutionary solutions, pioneering technology, visionary management and talented staff. Now a proud member of the Ocado group, our company is entering a new era. Together we are now heading towards a wonderful future by designing and building innovative robotic solutions for online grocery, effectively supporting Ocado customers entering the online channel and creating exceptional customer experiences for the customer final,” Katiniotis told The Recursive.

A team of over 30 people from Myrmex with deep domain expertise in automating hardware and software will join Ocado Technology’s team of 2,500 technologists, the company said in a statement. The two companies have also agreed to terms of the transaction and plan to complete the acquisition by June 6, 2022.

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Bojan is The Recursive’s Western Balkans editor, covering technology, innovation and business for over a decade. He is currently exploring blockchain, Industry 4.0, AI, and is always open to addressing diverse and exciting topics in the Western Balkan countries. His work has been featured in international media outlets such as Foreign Policy, WSJ, ZDNet and Balkan Insight.

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