by Allison Watkinson
TLL Reporter
Spin Master has reached a licensing agreement with Innovation First International to acquire the company’s robotic toy brand HEXBUG.
Innovation First International is a privately-held corporation that manufactures and produces robotic products for the consumer, education, and business-to-business markets.
“At Spin Master we are focused on reimagining everyday play and are always looking for opportunities to strengthen our innovative portfolio through meaningful acquisitions,” said Spin Master CEO Max Rangel, CEO.
“HEXBUG is an evergreen brand with a strong foothold within a niche category, opening an opportunity for Spin Master to own and ultimately grow the popular robotic range’s reach through our expanded global footprint while also leveraging this technology across our broader toy offering.”
The HEXBUG micro-robotics brand currently includes over a hundred different toys that range from buildable playsets to battle robots. The brand originally entered the retail market in 2007 with micro-robotic toys designed to move like insects.
“What excites us so much about HEXBUG is that the inventors have mastered both the science and the art of bringing creatures to life through technology, to deliver truly magical play experiences,” said Spin Master’s co-founder, Anton Rabie.
“With this acquisition, Spin Master will combine it’s innovation, global reach and diverse portfolio with HEXBUG’s innovative excellence to surprise and inspire kids in new ways.”
Expected to close in February 2023, the acquisition of HEXBUG marks Spin Master’s twenty-eighth acquisition since the company was founded in 1994 and the eighteenth since its initial public offering in 2015.
“Spin Master is the business that can really take our years of foundational tech toy innovation to the next level and gain an even greater awareness for the brand here at home and around the world,” said Tony Norman, CEO at Innovation First International.
Spin Master Corp is a global children’s entertainment company that creates and produces toys and multiplatform entertainment content. The company creates its content and products through both its in-house studio and through licensing partnerships with outside content creators. Spin Master products are currently distributed in more than a hundred countries.
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