Cognex Corp. (CGNX) said Tuesday it agreed to acquire RealSense for about $500 million, expanding the machine vision company into the fast-growing robotic perception market.

Following the announcement, the stock fell nearly 5%.

Cognex will fund the acquisition entirely with existing cash and investments. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

As of July 5, 2026, Cognex had $755 million in cash and investments and no debt.

RealSense Adds 3D Robotic Vision Platform

RealSense develops depth-sensing cameras and 3D vision technology used by robots and autonomous systems.

Intel Corporation (INTC) founded RealSense in 2014 before spinning out the business in 2025. Its technology supports fixed-arm robots, autonomous mobile robots, quadrupeds and humanoids.

Cognex said the acquisition expands its presence beyond traditional industrial machine vision and into physical artificial intelligence.

CEO Matt Moschner said the combination would allow Cognex to offer a broader visual intelligence platform. That platform would span industrial identification, 2D and 3D machine vision, depth perception and robotic navigation.

Robotic Perception Market Seen Growing Rapidly

Cognex estimates the robotic perception market is worth about $600 million today. It expects the market to grow more than 25% annually to about $1.6 billion by 2030.

RealSense is expected to generate between $80 million and $90 million in revenue in 2026. That would represent growth of more than 50% from a year earlier.

Cognex Chief Financial Officer Dennis Fehr said RealSense should strengthen the company's long-term growth profile.

The company expects the business to eventually generate adjusted EBITDA margins and free cash flow conversion in line with its broader financial targets.

Cognex Plans Employee Retention Package

In addition to the $500 million purchase price, Cognex expects to provide a three-year cash retention program worth $56.5 million at target for RealSense employees. The payments will be subject to performance adjustments.

Cognex also plans to award about $50 million in restricted stock units under its existing incentive plan. The final value will depend on Cognex's share price when the awards are granted.

Before the transaction closes, RealSense will spin off its Facial Authentication product line into a separate company focused on the biometrics market.

Evercore served as Cognex's financial adviser on the transaction.

CGNX Price Action: Cognex shares were down 4.69% at $59.08 at the time of publication on Tuesday, according to market data.