Cognex to buy RealSense for ~$500M cash

Cognex Corporation said on September 22, 2026 that it entered into a definitive agreement to acquire RealSense, a depth-sensing and robotic-perception company originally founded by Intel, for approximately $500 million in cash funded from existing cash and investments. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions — the deal has not closed.

Cognex is paying roughly half a billion dollars in cash to buy RealSense, the depth-sensing camera and robotic-perception business Intel founded and later spun out — a definitive agreement that still has to close.

The definitive agreement and purchase price

On September 22, 2026, Cognex Corporation (Nasdaq: CGNX) announced that it entered into a definitive agreement to acquire RealSense, described as a leader in depth-sensing cameras and vision technology for robotic perception and Physical AI. Form 8-K AccNo 0000851205-26-000071 (Items 7.01/8.01) and furnished Exhibit 99.1 state a purchase price of approximately $500 million, to be funded entirely from Cognex’s existing cash and investments on its balance sheet and subject to customary adjustments. The company expects the transaction to close in the fourth quarter of 2026, subject to customary closing conditions. Closing has not occurred.

What RealSense brings — on Cognex’s numbers

Exhibit 99.1 says RealSense was originally founded by Intel in 2014 and spun out in 2025. Applications cited span fixed-arm perception-guided robotics, autonomous mobile robots, quadrupeds, and humanoids. Cognex puts the robotic perception market at an estimated $600 million today and says it expects that market to grow more than 25 percent 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 percent growth over the prior year, according to the release.

CEO Matt Moschner framed the deal as a strategic expansion into robotic perception and a path to a fuller visual-intelligence stack spanning industrial ID, 2D/3D machine vision, depth perception, and robotic navigation. RealSense CEO Nadav Orbach said joining Cognex scales the company’s “Visual Cortex of Physical AI” mission into Cognex’s industrial customer base. CFO Dennis Fehr said the transaction is aligned with Cognex’s M&A discipline and is expected to be strongly accretive to Cognex’s growth profile over time, without quantifying EPS or margin bridges in the disclosed materials.

Retention packages and the Facial Authentication carve-out

Exhibit 99.1 says Cognex 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 (grant-date share-price dependent). Item 8.01 is more precise on the equity band and cash ceiling: RSUs with an economic value of between $45 million and $55 million depending on Cognex’s share price on the grant date, expected to vest approximately 20 percent / 30 percent / 50 percent over three years; and cash retention payments of up to $69 million over three years, with up to $25 million of that total subject to performance modifiers. Both require continuous employment through the vesting and payment dates, with acceleration for certain key employees if Cognex terminates without cause or the employee resigns for good reason.

Prior to closing, RealSense will spin out its Facial Authentication product line into an independent company, including functions needed to continue that biometrics business. Evercore served as financial advisor to Cognex.

What this filing settles — and what it does not

The Form 8-K and EX-99.1 lock the announced approximately $500 million all-cash purchase price, the Q4 2026 expected close subject to customary conditions, the RealSense 2026 revenue outlook range, and the retention frameworks above. They do not close the deal, print a final purchase-price adjustment schedule, or provide a quantified accretion bridge.