Ekso Bionics announces acquisition of business unit from Parker Hannifin

Ekso Bionics (EKSO) announced the acquisition of the Human Motion and Control, HMC, Business Unit from Parker Hannifin Corporation (PH), a global leader in motion and control technologies. The acquisition includes the Indego lower limb exoskeleton line of products as well as the planned development of robotic assisted orthotic and prosthetic devices. This complementary acquisition expands Ekso’s product offering across the continuum of care to home and community use markets, grows Ekso’s product pipeline and adds strategic relationships with key commercial and research partners. "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 Scott Davis, Chief Executive Officer of Ekso Bionics. "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." Ekso Bionics acquired all of Parker’s HMC global business assets in the U.S. and Europe for an aggregate purchase price of $10 million. 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. In connection with the acquisition, Sherman resigned as the Company’s Chief Executive Officer, and the Ekso Bionics Board of Directors appointed Davis as Chief Executive Officer, each effective immediately. Davis has served as the Company’s President and Chief Operating Officer since January 2022. Sherman will continue to serve as Chairman of the Board and will begin serving as Executive Chair of the Company.