LINCOLNSHIRE, Ill. & LONDON — November 5, 2019 — Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the edge of the enterprise with solutions and partners that enable businesses to gain a performance edge, today announced that it has acquired Cortexica Vision Systems Ltd., a London-headquartered leader in business-to-business (B2B) computer vision-based artificial intelligence (AI) solutions. Financial terms of the acquisition were not disclosed.
Founded in 2008, Cortexica has developed vision-based analytics and AI solutions to drive new user experiences and greater operational efficiencies. Specific capabilities enabled by the Cortexica computer vision AI portfolio include object recognition, image and video analysis and visual search. Cortexica brings robust technology capabilities and a talented team of engineers, giving Zebra an opportunity to enhance its next-generation offerings.
"The acquisition of Cortexica further advances our Enterprise Asset Intelligence vision by providing computer vision-based sensing to enable our customers to operate more effectively in increasingly automated, data-powered environments," said Anders Gustafsson, chief executive officer of Zebra Technologies. "Cortexica's computer vision expertise provides customers greater visibility into the status of assets at the operational edge of their businesses through vision-based sensing and advanced analytics capabilities."
Cortexica enhances the "Sense" and "Analyze" layers of Zebra's "Sense-Analyze-Act" solution framework through the introduction of new computer vision-based AI that enables Zebra to address a range of emerging use-cases that complement its core portfolio.
"Cortexica's talented team members are excited to join Zebra to expand and enhance the company's ability to continue to innovate with our unique skill sets and thought leadership in the field of computer vision," said Iain McCready, chief executive officer, Cortexica.
Zebra Technologies Safe Harbor Statement
This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company's outlook and the ability to complete the acquisition of Cortexica. Actual results may differ from those expressed or implied in the company's forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.
These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra's industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra's hardware and software products and competitors' product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit and capital markets volatility may have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra's ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability, reported results and the company's competitive position in its industry. These and other factors could have an adverse effect on Zebra's sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words "anticipate," "believe," "outlook," and "expect" and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company's future operations and results can be found in Zebra's filings with the Securities and Exchange Commission, including the company's most recent Form 10-K.
About Cortexica
Cortexica is a leader in AI, machine learning and computer vision for image and video analysis. Focused on creating and turning cutting-edge AI and machine learning research into real-world solutions that make businesses commercially stronger. http://www.cortexica.com
About Zebra
Zebra (NASDAQ: ZBRA) empowers the front line of business in retail/ecommerce, manufacturing, transportation and logistics, healthcare and other industries to achieve a performance edge. With more than 10,000 partners across 100 countries, we deliver industry-tailored, end-to-end solutions that intelligently connect people, assets and data to help our customers make business-critical decisions. Our market-leading solutions elevate the shopping experience, track and manage inventory as well as improve supply chain efficiency and patient care. Ranked on Forbes' list of America's Best Employers for the last four years, Zebra helps our customers capture their edge. For more information, visit www.zebra.com or sign up for our news alerts. Follow us on LinkedIn, Twitter and Facebook.
Investor Contact:
Michael Steele, CFA, IRC
Zebra Technologies
Vice President, Investor Relations
Phone: + 1 847 793 6707
msteele@zebra.com
Media Contact:
Therese Van Ryne
Director, Global Public Relations
Phone: + 1 847 370 2317
therese.vanryne@zebra.com
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