Serve Robotics (NASDAQ:SERV) on Thursday announced its agreement to acquire the assets of Vebu, an automation and robotics solutions provider for restaurant partners.
Financial terms of the all-stock transaction were not disclosed.
Vebu's signature robotic product is the Autocado, the avocado-processing robot which eliminates the need for restaurant workers to spend hours cutting, coring and scooping avocados to prepare guacamole. It is now in pilot testing in Chipotle's Huntington Beach, Calif. restaurant.
Vebu's founder and CEO Buck Jordan will join Serve Robotics as SVP of Kitchen Automation.
SERV -11.17% after hours to $9.62.
Source: Press Release
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