Adept announces $10 million common-stock financing
JUNE 13--Adept Technology (Livermore, CA) has entered into an agreement to sell $10,000,000 of its common stock to Crosslink Capital at a price of $13.6752 per share, representing approximately 11% of the company's outstanding shares prefinancing.
JUNE 13--Adept Technology (Livermore, CA) has entered into an agreement to sell $10,000,000 of its common stock to Crosslink Capital at a price of $13.6752 per share, representing approximately 11% of the company's outstanding shares prefinancing. No convertible securities will be issued by Adept Technology in connection with this transaction.
Upon the closing of the financing, Charles Finnie, general partner at Crosslink, will join the company's board of directors. While Crosslink's due diligence has been completed, closing is subject to customary conditions and is expected to occur by the end of June. Proceeds of the financing will be used to fund Adept Technology's growth initiatives, including expansion of its customer base.
"We are pleased that Crosslink has chosen Adept as one of its investment partners and welcome them as shareholders as we expand our current shareholder base," said Michael Kelly, chairman of the board of Adept. Crosslink Capital, a San Francisco, CA-based venture-capital firm, invests in technology software and services companies. "During this financing process, Charles Finnie and Crosslink have demonstrated a real knowledge of our business, including validating the business model of growth with sustainable profit," said Robert Bucher, CEO of Adept.
Charles Finnie of Crosslink commented, "We believe Adept Technology is the preeminent software and services company in a large and growing industry, intelligent robotics. Rob Bucher and his team have positioned the company for strong growth over the next several years."
Adept Technology designs, manufactures, and markets robotic systems, motion-control systems, and machine vision technology for global markets including automotive, consumer electronics, consumer goods, disk drive, food, industrial tooling, medical devices, and pharmaceutical. Adept robots, controllers, and software are used for small parts assembly, material handling, and packaging. More information is available at www.adept.com. For further information about Crosslink Capital, visit www.crosslinkcaptial.com.