Cognex to Acquire RealSense, Expanding Robotic Perception Portfolio

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Cognex Corporation, the global technology leader in industrial machine vision, announced that it has entered into a definitive agreement to acquire RealSense, the market leader in depth-sensing cameras and vision technology for robotic perception and Physical AI. The acquisition advances Cognex's strategy to diversify its growth engine by entering the robotic perception market, a high-growth adjacency that expands its served market opportunity.

"RealSense represents a compelling strategic expansion for Cognex into robotic perception, one of the most attractive adjacent markets in machine vision," said Matt Moschner, President and Chief Executive Officer of Cognex. "RealSense brings a leading 3D perception platform with proprietary technology, a strong developer community and a compelling value proposition for customers. Combined with Cognex's machine vision expertise and global reach, RealSense positions us to offer a full-stack visual intelligence platform, spanning industrial ID, 2D and 3D machine vision measurement to 3D depth perception and robotic navigation, built to serve the full spectrum of Physical AI."

"RealSense was built on a simple idea: robots and autonomous systems can't act intelligently in the physical world if they can't first perceive it accurately. We've called that mission the Visual Cortex of Physical AI. Joining Cognex puts that mission on an entirely new scale, giving us access to a global industrial customer base and go-to-market reach that would have taken us years to build on our own. This is a combination that makes both businesses stronger," said Nadav Orbach, Chief Executive Officer of RealSense.

Originally founded by Intel in 2014 and spun out in 2025, RealSense has established a leading position in 3D robotic perception, with applications across fixed arm perception-guided robotics, autonomous mobile robots, quadrupeds and humanoids. The acquisition expands Cognex's served market opportunity by adding exposure to a robotic perception market estimated at $600 million today and expected to grow more than 25% annually to approximately $1.6 billion by 2030. RealSense is expected to generate revenue of $80 million to $90 million in 2026, representing more than 50% growth over the prior year.

"This transaction is highly aligned with our disciplined M&A strategy," said Dennis Fehr, Chief Financial Officer of Cognex. "RealSense is expected to be strongly accretive to Cognex's growth profile. Over time, we expect the business to scale in line with Cognex's through-cycle financial framework, including attractive Adjusted EBITDA margins and strong free cash flow conversion."

Under the terms of the agreement, Cognex will acquire RealSense for approximately $500 million, financed entirely from existing cash and investments on its balance sheet. Cognex also expects to provide a three-year $56.5 million cash retention program at target for RealSense employees, subject to performance modifiers, and to grant restricted stock units valued at approximately $50 million under Cognex's existing 2023 Stock Option and Incentive Plan dependent on the grant-date share price. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Prior to closing, RealSense will spin out its Facial Authentication product line into an independent company, including all necessary functions to continue its focused growth strategy in the biometrics market.

Evercore served as financial advisor to Cognex on the transaction.