Johnson Controls To Expand OpenBlue Digital Buildings Capabilities Through Acquisition Of Workplace Management Software Leader FM:Systems For $455M, Plus Aditional Payments To Be Made Subject To Achievement Of Post-Closing Earnout Milestones
Portfolio Pulse from Benzinga Newsdesk
Johnson Controls (NYSE:JCI) has acquired FM:Systems, a digital workplace management and IoT solutions provider, for $455 million, with additional payments subject to post-closing earnout milestones. The acquisition will expand Johnson Controls' OpenBlue digital buildings software portfolio and is expected to be accretive to the company's revenues and margins. FM:Systems has had double-digit revenue growth and a net revenue retention rate of over 110% since 2020.
July 17, 2023 | 12:11 pm
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The acquisition of FM:Systems is expected to be accretive to Johnson Controls' revenues and margins, and will expand its OpenBlue digital buildings software portfolio. This could potentially boost JCI's stock in the short term.
The acquisition of FM:Systems, a company with double-digit revenue growth and a high net revenue retention rate, is expected to be accretive to Johnson Controls' revenues and margins. This, along with the expansion of the OpenBlue digital buildings software portfolio, could potentially boost JCI's stock in the short term.
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