Clobot has announced its leap into becoming a logistics turnkey service provider with the acquisition of Doosan Logistics Solutions (DLS), a logistics automation subsidiary of South Korea’s Doosan Group. Clobot CEO Ryu Jeong-hoon characterized the acquisition as the company’s “Chapter 2” and set an aggressive target of quintupling revenue within three years.
On June 23, Clobot announced it had signed a stock purchase agreement (SPA) with Doosan for a 100% stake in DLS. The acquisition price is approximately 68.5 billion won (approximately $44.5 million), with the transaction expected to close in September. Clobot was selected as the preferred bidder for DLS in March and has since been conducting due diligence and negotiations.
DLS’s financial results will be reflected in Clobot’s consolidated financial statements starting in the fourth quarter of this year, following the transaction close. However, meaningful earnings contributions are expected to begin next year, with synergies from integrated sales operations likely to materialize after 2028. DLS recorded approximately 67 billion won (approximately $43.6 million) in revenue last year and achieved an operating profit. This year, revenue is projected to reach approximately 100 billion won (approximately $65 million). The company has already secured a confirmed order backlog covering the next two years, providing visibility into stable revenue generation of around 150 billion won (approximately $97.5 million).
In an interview that day, CEO Ryu explained the rationale behind the acquisition: “Until now, we have grown by focusing on robot control and autonomous driving technology. Going forward, we need to provide the entire logistics automation process that customers require. The logistics automation market was the highest-priority area in that process.”
DLS is a logistics automation specialist under Doosan Group, with capabilities in logistics center design and construction, as well as warehouse management systems (WMS) and warehouse control systems (WCS). The company has accumulated field deployment experience through large-scale projects including Nike Korea’s logistics center “Nike Icheon CSC,” Asung Daiso, Dongwha Pharm, and Harim Industrial. Notably, as the South Korean partner of KNAPP, the world’s leading logistics solutions provider, DLS holds an exclusive supply agreement for logistics solutions through next year and has been responsible for building logistics automation facilities in South Korea for global clients such as Amorepacific and Nike.
Through this acquisition, Clobot will combine its existing heterogeneous robot control system (RCS) and autonomous driving software capabilities with DLS’s WMS, WCS, and field deployment expertise. This effectively transforms the company into a turnkey provider offering the entire process from logistics center design to construction, operations, and robot control. “DLS is not just a company with revenue scale; importantly, it has the personnel and experience who have actually designed and built logistics centers,” said CEO Ryu. “We plan to jointly target the manufacturing automation market beyond the existing distribution and logistics sectors.”
The logistics automation market that Clobot is entering includes major competitors such as South Korea’s LG CNS, Samsung SDS, Hyundai Movex, and Cmes Robotics, as well as global players like Daifuku, Dematic, and Symbotic. The DLS acquisition is expected to serve as a catalyst for elevating Clobot’s competitive standing in this market.
“Due to labor shortages and advances in physical AI technology, demand for robot deployment at logistics sites is rapidly increasing,” CEO Ryu explained. “As customer requirements become more complex, the ability for a single partner to provide integrated solutions from WMS and WCS to robot control is becoming increasingly important.”
Clobot is also pursuing a Robot-as-a-Service (RaaS) model as a long-term strategy. This involves continuously managing the robots and material flows deployed at logistics centers even after construction, securing recurring revenue. The vision is to evolve beyond a pure construction business into an operations platform company.
For international markets, Clobot is prioritizing North America. The company established a U.S. subsidiary in May and is currently focusing on proof-of-concept (PoC) testing and building references at local sites. “With Clobot alone, there were limits to the scope of solutions we could propose to overseas customers,” said CEO Ryu. “Combined with DLS, we can now offer integrated solutions that add field deployment capabilities to our software and robotics technology.” The higher labor costs in the United States compared to South Korea, which drive greater demand for automation investment, also underpin the North American market entry strategy.
Humanoid robots are also viewed as a mid-to-long-term growth pillar. “Even when the humanoid era arrives, what will ultimately matter is the capability to actually operate and maintain robots in real-world settings,” CEO Ryu explained. “DLS’s logistics sites can serve as important testbeds for future humanoid validation and physical AI applications.”
Founded in 2017, Clobot is a robot software company that serves as the official distributor and after-sales service provider for Boston Dynamics’ quadruped robot Spot. Its core competitive advantage lies in software technology that integrates various types of robots from different manufacturers into a single operating system. Last year, the company recorded consolidated revenue of 41.4 billion won (approximately $26.9 million) and an operating loss of 3.2 billion won (approximately $2.1 million). With DLS’s results reflected from the fourth quarter, the company expects a revenue boost of over 20 billion won (approximately $13 million).
“We believe a turnaround to profitability is possible next year,” said CEO Ryu, while adding, “For the time being, we plan to focus on growth rather than profits.” He emphasized, “We are targeting more than fivefold revenue growth three years from now compared to current levels. Ultimately, we aim to grow into a global robotics solutions company that takes responsibility for the robotization and orchestration of entire sites, beyond just robot hardware.”
Meanwhile, Clobot is pursuing a 200 billion won (approximately $130 million) rights offering to finance the acquisition. While approval from South Korea’s Financial Supervisory Service has not yet been obtained, the company maintains that even if the rights offering falls through, it has secured alternative financing options to complete the DLS acquisition. However, the potential overhang from new share listings is noted as a risk factor for the stock price.
For Doosan, the sale accelerates its business restructuring. DLS was established in 2019 with the initial goal of creating synergies between Doosan’s forklift business and Doosan Robotics’ collaborative robots. However, as Doosan has recently been reorganizing its business portfolio around energy infrastructure, including small modular reactors (SMRs), the sale was executed as part of streamlining subsidiaries facing capital impairment.