Johnson Controls Makes Another Acquisition
Johnson Controls acquired FM:Systems, a digital workplace management and Internet of Things (IoT) solutions provider. IMAGE COURTESY OF PRNEWSIRE
Johnson Controls acquired FM:Systems, a digital workplace management and Internet of Things (IoT) solutions provider for facilities and real estate professionals. The base purchase price for the transaction is $455 million, plus additional payments to be made subject to the achievement of post-closing earnout milestones.
"FM:Systems' powerful, predictive workplace management platform will build on our best-in-class building automation services, OpenBlue, to offer a one-stop solution that helps customers accelerate their digital transformation journey, improve building efficiency and reduce operational costs," said Johnson Controls CEO George Oliver. "Coupled with our building asset solutions, energy management offerings and global field network, this acquisition further differentiates Johnson Controls' leadership in the fast-growing segment for autonomous and digitally enabled buildings."
FM:Systems, headquartered in Raleigh, North Carolina and owned by Accel-KKR, has more than 200 employees and 1,200 customers, representing more than 2.4 million users across 80 countries.
"Workplace management technology is a key enabler in terms of improving operational efficiency, creating safer, healthier and smarter buildings, and supporting sustainability goals," said Dean Jacobson, managing director at Accel-KKR.
FM:Systems' software products offer a range of solutions to make workspaces smarter, like space-scenario planning, asset management and facilities maintenance, supported by security protocols, floor plan scenario modeling, bi-direction integration with AutoCAD and Revit models, and advanced workplace analytics capabilities. The company’s sensors and analytics can help portfolio managers optimize space, realize greater cost savings, and help manage and report on indoor air and other environmental data in facilities as diverse as commercial real estate, hospitals, universities and government buildings.
Company representatives said the added expertise of FM:Systems will increase Johnson Controls' growth in net zero building technologies globally, while strengthening long-term relationships with existing customers and creating new opportunities to meet demand in the fast-growing smart building segment.
FM:Systems CEO and Chairman Kurt von Koch will join Johnson Controls' digital business in a leadership role. The acquisition is not expected to impact Johnson Controls' 2023 fiscal year financial outlook.
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