Ingersoll Rand to acquire Maximus
Ingersoll Rand Inc.has agreed to acquire Maximus, a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech market.
The all-cash transaction, valued at CAD$135.4 million, is expected to close in Q3 upon obtaining required regulatory approvals. Upon transaction close, Maximus will join the PST segment.
“Smart, connected products, digital capabilities and technology are core to our growth and today’s announcement delivers on our commitment to deploy capital in pursuit of this strategy,” said Vicente Reynal, chief executive officer of Ingersoll Rand. “Maximus has built significant expertise in controls and IIoT technology that aligns well with Ingersoll Rand and our current brands. Leveraging Ingersoll Rand Execution Excellence (IRX) will help drive additional innovation and significant synergies with Dosatron and other PST brands. This acquisition is expected to generate significant value for our stockholders.”
The Maximus System is a centralized controller and IIoT platform which connects to farm devices and simplifies facility management. The System tracks the state of farm infrastructure and automates tasks based on artificial intelligence (AI) logic. Based in Montreal, Canada, Maximus has approximately 100 employees and annual revenue of approximately CAD$40 million
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