Johnson Controls has acquired FM:Systems, a digital workplace management and Internet of Things solutions provider for facilities and real estate professionals. The base purchase price for the transaction is $455M, plus additional payments to be made subject to the achievement of post-closing earnout milestones. FM:Systems, headquartered in Raleigh, North Carolina, and owned by Accel-KKR, has more than 200 employees and 1,200 customers, representing more than 2.4M users across 80 countries. The company has earned a loyal customer base, achieving a greater than 110% average net revenue retention since 2020. An established leader in the digital workplace solutions industry, FM:Systems has had double-digit revenue growth with gross and operating margins that are accretive to Johnson Controls. The acquisition is not expected to impact Johnson Controls’ 2023 fiscal year financial outlook.
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