Johnson Controls Inc. (JCI) said on Monday that it has acquired FM:Systems, a digital workplace management and IoT solutions provider for real estate customers, to boost its OpenBlue digital buildings capabilities.
The base price of the acquisition is $455 million, plus certain earn-out payments.
"FM:Systems' double-digit revenue growth and gross and operating margins expected to be accretive to Johnson Controls," JCI said in a statement.
The company does not expect the acquisition to impact its full-year 2023 outlook.
With this, JCI's OpenBlue digital buildings software portfolio gets complementary cloud-based software as a service digital workplace management capabilities.
FM:Systems' CEO Kurt von Koch will join Johnson Controls' digital business in a leadership role.
Based in Raleigh, FM:Systems is owned by Accel-KKR. It has over 200 staff and 1,200 customers, representing more than 2.4 million users across 80 countries.
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