IMI has agreed to buy iSMA Controlli, an Italian building automation specialist, for €63m.
The engineering group said the company, which makes intelligent systems to monitor and control commercial buildings, would join its Climate Control division and expand its range of smart-connected products.
The deal, funded from existing facilities, is expected to be completed in the fourth quarter, subject to regulatory approval.
iSMA Controlli is expected to generate revenue of about €40m and operating profit of around €4.5m this year. IMI said its own long-standing customer relationships would help scale the acquired company’s technology.
Roy Twite, Chief Executive Officer of IMI, said: “We are delighted to welcome the iSMA CONTROLLI team to IMI. The acquisition aligns IMI even more closely with the long-term megatrends of Energy and Automation, and strengthens our ability to deliver smart‑connected solutions that help customers optimise building performance, improve energy efficiency and lower operating costs. iSMA CONTROLLI is particularly well positioned to address the needs of underserved small and medium-sized commercial buildings, and we are excited by what we can achieve together.”