Revolution Acceleration Acquisition Corp. (NASDAQ: RAAC) has signed a business combination deal with Berkshire Grey. Berkshire Grey (BG) has gained popularity as the developer of AI and the latest robotics solutions for e-commerce. The merged firm will have emerged as the publicly listed robotics and automation solutions firm. The firm has a post-transaction equity value of up to $2.7 billion.
BG came into existence in 2013 and since its foundation, it has strived to automate the business tasks in warehouses and logistics fulfillment centers. The advanced solutions of the firm enable retailers and other logistics firms to fulfill the demands of customers and bring revolution in e-commerce.
BG has emerged from the secrecy mode in 2018 and is driven by the quickening customer shift toward e-commerce and the resultant need for merchants to alter their supply chain and warehouse processes to fulfill user demands for a better choice, cheaper prices, and quick shipment. Currently, 5% of warehouses are computerized, which underlines the significant market chance for the sophisticated solutions of BG.
The business combination news has excited the stock of Revolution Acceleration Acquisition Corp. Its share rocketed 16.65% at the time of writing on Wednesday. The total market capitalization of the firm stood at 488.366 million at the time of writing.
The AI enables the solution of BG to make the tasks easier for the businesses and accelerate the delivery of the goods to the customers. The patented AI technology and the unique hardware of the firm are offering robotics picking systems to accelerate business efficiency. The unique hardware comprises full robots, sensing systems, gripping systems, and machine vision systems.
After the execution of the deal, BG is anticipating getting a profit of $507 million in cash. The firm is planning to use the profit to start the new projects. The deal is authorized by the Board of directors of RAAC and is anticipated to end in the Q2 of 2021.