In a strategic move, building technology and software solutions provider Johnson Controls (NYSE:JCI) has acquired digital workplace management and IoT solutions provider FM:Systems for a base consideration of $455 million. The latter caters to facilities as well as real estate professionals.
FM’s predictive workplace management platform boosts JCI’s building automation services (OpenBlue) while also differentiating the company’s position in the autonomous and digitally enabled buildings segment.
Impressively, FM:Systems has a customer base across 80 countries and boasts of a more than 110% average net revenue retention over the past three years. The company is also witnessing a double-digit revenue growth and the acquisition is anticipated to be accretive to JCI.
Overall, the Street has a $72.36 consensus price target on Johnson Controls alongside a Moderate Buy consensus rating. Shares of the company have soared nearly 48.4% over the past 52 weeks.
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