The acquisition will enhance and strengthen Honeywell’s building automation capabilities and enable it to become a leading provider of security solutions for the digital age, the company said in a press release.

The acquisition, which includes both hardware and software solutions, further supports Honeywell’s recently announced plans to align its portfolio with three megatrends: automation, the future of aviation, and the energy transition. The Global Access Solutions business will enhance Honeywell Building Technologies’ business model of leading with high-value products that are critical for buildings, the company said.

The acquisition will add three brands with a focus on life safety and digital access solutions to Honeywell’s portfolio. They are:

• LenelS2, which provides commercial and enterprise access solutions, including well-known offerings OnGuard and NetBox, used by numerous Fortune 100 companies.

• Onity, which offers electronic locks, including hospitality access, mobile credentials, and self-storage access. Nine of the 10 top hotel chains are customers, Honeywell said.

• Supra, which offers cloud-based electronic real-estate lockboxes as well as a digital platform to optimize scheduling for property showings.

“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” said Vimal Kapur, the Honeywell CEO. “By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximize their performance, efficiency, and cost-effectiveness and create long-term, sustainable value.”

The transaction is expected to close during the third quarter of 2024, subject to customary closing conditions, including regulatory approvals.