Ingersoll Rand Inc. (NYSE:IR), Davidson, North Carolina, on Monday announced it has completed the acquisition of Maximus Solutions for C$135.4 million (US$108.3 million). The new addition to Ingersoll Rand will join its precision and science technologies segment.
Maximus Solutions is a Montreal, Quebec-based provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech market.
“We are pleased to welcome the Maximus Solutions team to the Ingersoll Rand family,” said Vicente Reynal, CEO of Ingersoll Rand. “The profile and characteristics of this high quality, high return on capital and highly strategic acquisition are representative of how we are driving our inorganic growth strategy. Maximus Solutions has shown strong double digit growth over last five years, is focused on sustainable end markets that tend to grow well above GDP rates and has a strong aftermarket profile including a software as a service (SaaS) revenue stream. We anticipate it will yield a single digit post-synergy Adjusted EBITDA purchase multiple by year three of ownership.”