Mitsubishi Electric Corporation announced that it will acquire the remaining shares of ICONICS Inc. ICONICS is a U.S. software company focused on SCADA, IoT, mobile, analytics, and cloud software products for the manufacturing, industrial, and building-automation markets. The company will be a 100% subsidiary within the Mitsubishi Electric Group.

Mitsubishi Electric aims to enhance its software product lineup to realize e-F@ctory, including edge-computing, by combining ICONICS' software-developing capabilities and Mitsubishi Electric's factory-automation technology.

The acquisition is subject to regulatory approval and other customary closing conditions, and is expected to close within Mitsubishi Electric's fiscal year ending in March 2020.