Omron Pays $675 Million for OnLogic, 4.4 Times Sales and 30 Times EBITDA

Omron agreed to buy Interlogic, the parent of industrial-PC maker OnLogic, for $675 million in cash, Reuters reported on Tuesday, Oct. 13. On Interlogic's 2025 net sales of $154.2 million, the price is 4.4 times sales and about 30 times EBITDA.

The multiples are The Terminal's arithmetic on figures from Pulse 2.0's account of the deal terms. Omron's own release could not be retrieved, so every figure below is attributed to those two accounts.

What $675 million is paid against

The price is on a debt-free, cash-free enterprise-value basis, and Omron is paying from existing cash. For the fiscal year ended December 2025, Interlogic and its subsidiaries reported net sales of $154.2 million, EBITDA (earnings before interest, tax, depreciation and amortisation) of $22.6 million and adjusted EBITDA of $27.1 million.

Metric, FY2025	Value	Implied multiple
Net sales	$154.2 million	4.4x
EBITDA	$22.6 million	29.9x
Adjusted EBITDA	$27.1 million	24.9x

The number that matters here is the margin behind the multiple. EBITDA of $22.6 million on $154.2 million of sales is a 14.7 percent margin; adjusted, 17.6 percent. That is the profile of a hardware assembler selling through its own direct channel, priced as though the next five years will look different from the last one. OnLogic had 301 employees across seven locations, two of them manufacturing sites, as of March 2026, which puts sales near $512,000 per head, though the employee count is dated three months after the sales year.

Why a PC maker is a physical-AI purchase

Omron said the deal is intended to develop its physical AI services within its industrial automation business. It plans to combine OnLogic's industrial PCs with its own control technology to build physical-AI platforms and widen its US customer base, Reuters reported. Physical-AI money elsewhere has been going to robot makers rather than computer makers: Eka Robotics raised $150 million at $1.45 billion.

The logic is a chain. A robot cell that runs a vision-language-action model needs inference hardware beside the arm, because a round trip to a data centre costs milliseconds the cell cannot spare. Teradyne and Sereact's cell, announced Oct. 21, puts that computer on an NVIDIA Jetson Thor at the cell. Whoever sells the ruggedised box that sits there sells into every such cell. None of the fetched accounts says how much of OnLogic's revenue already comes from edge-AI systems, so the strategic premium is not itemised.

Omron's US robotics side has been active: its subsidiary Omron Robotics signed a collaboration agreement with Italian automation company Comau in May, Reuters said. The FCC's new robot rule turns on a 65 percent U.S.-content test; it applies to mobile robots, not computers, and no source ties it to this deal.

Plants, jobs and a January close

OnLogic, based in South Burlington, Vermont, will run as an independent business inside Omron, keep its brand and direct-to-customer model, and retain its management team, including chief executive Sean Larkin. WCAX reported that it will keep building computers at its Vermont headquarters and at its facility in the Netherlands, that employees will receive bonuses and that OnLogic says there will be no layoffs.

The deal is a reverse triangular merger, which makes Interlogic a wholly owned Omron subsidiary. Closing is expected around January 2027, subject to regulatory approvals. Houlihan Lokey advises Omron and Evercore advises OnLogic. Omron shares were roughly flat in Tokyo morning trading, while the Nikkei 225 fell about 2.2 percent.

What would change this read

A segment line in Omron's next results showing OnLogic's edge-AI sales, or a statement that Omron will sell OnLogic boxes preloaded into its own cells, would support the physical-AI case. A margin below the 14.7 percent reported for 2025 after the close would cut against a 30-times price.