Abu Dhabi-based company acquired a majority stake in the Estonian Milrem Robotics
Abu Dhabi-based technology and defense group EDGE Group PJSC, which manufactures waterborne and land vehicles, autonomous systems, cybersecurity solutions, and other defense equipment, acquired a majority stake in the Estonian defense solutions provider of robotics and autonomous system robotics Milrem Robotics.
The amount of the deal is undisclosed, but according to the parties, it was the largest investment in the Estonian defense industry to date.
Milrem Robotics is an Estonian defense solutions provider. It manufactures unmanned ground vehicles and develops robotic warfare solutions. Among the main products are the THeMIS and Multiscope unmanned ground vehicles, which are intended to support dismounted soldiers and serve in forestry and firefighting. The company was founded in Tallinn in 2013 by Kuldar Väärsi. It has 200 employees.
After this acquisition, Milrem Robotics aims to continue further expansion in international markets. This deal will allow Milrem to increase production, hire new people, and acquire new technologies. The startup will continue to operate with its headquarters in Tallinn and subsidiaries in Finland, Sweden, the Netherlands, and the USA.
Minority shareholders of the company are a founder of Milrem Robotics Kuldar Väärsi (who owns shares through the private limited company Sinrob), the German defense industry company Krauss-Maffei Wegmann, Estonian private investors and employees of Milrem Robotics.