Ekso Bionics acquired Parker Hannifin’s Human Motion and Control (HMC) business unit for an aggregate purchase price of $10 million. The purchase price includes all of the HMC global business assets in the United States and Europe, the Indego lower-limb exoskeleton line of products, and planned development of robotic-assisted O&P devices.
Ekso paid $5 million at closing and delivered a $5 million subordinated, unsecured zero coupon note payable quarterly over four years, commencing December 31, 2023.
Ekso said the acquisition expands its product offering across the continuum of care to home and community use markets, grows its product pipeline, and adds strategic relationships with key commercial and research partners, including Vanderbilt University.
Parker’s lower-limb powered exoskeletons enable task-specific, overground gait training to patients with weakness or paralysis in their lower limbs. Products include Indego Personal, an exoskeleton for use in home and community environments, and Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke.
“Indego is one of the most advanced and broadest range of powered and intelligent devices for home use, which represents a strategic fit for Ekso,” said Ekso Bionics CEO Scott Davis. “This acquisition is expected to contribute immediately to our top-line results, improve operating efficiencies, and establish Ekso as a leader in lower-extremity robotics. Moving forward, we plan to continue exploring future growth opportunities that align with our strategy.”
Highlighted by a product commercialization strategy with Vanderbilt University that spans a decade, the acquisition brings Ekso an elite academic partner to help power new product development.
In connection with the acquisition, Steven Sherman resigned as Ekso’s CEO, and the board of directors appointed Davis to the role. Sherman will continue to serve as chairman of the board and will begin serving as executive chair of the company.