Brooks Automation  (BRKS) - Get Report said on Monday it agreed to acquire Precise Automation for $70 million cash.

The Chelmsford, Mass., provider of automation and cryogenic equipment expects the deal to immediately add to earnings.

Precise Automation, Fremont, Calif., has generated $17 million in revenue over the past 12 months.

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Precise's technology "enables human-robot workflows in a safe and easy-to-use manner, automating processes that could not be addressed practically in the past,” Brooks said in a statement.

It provides products to several “end markets, including laboratory automation and semiconductor and electronics manufacturing,” Brooks added.

Some of Precise's laboratory-automation applications include drug discovery, analytical laboratory, clinical diagnostics, and genomics.

“Precise provides Brooks with a product offering and technology portfolio that is well positioned to take advantage of the exciting growth opportunities in the collaborative robot market,” Brooks President and Chief Executive Steve Schwartz said in a statement.

Precise innovates in vision technology, precision motion, integrated controllers and direct drive motors, Schwartz added.

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The co-founders of Precise Automation, Brian Carlisle and Bruce Shimano, will join Brooks, reporting to Dave Jarzynka, president of the Brooks semiconductor solutions group.

The acquisition is set to close this month, subject to conditions the companies didn't specify.

At last check Brooks Automation shares were trading 2.8% higher at $105.57. On Monday they touched a 52-week high $106.97, up 4.1%.