One week after striking a deal to buy positive displacement pump manufacturer Seepex GmbH, Ingersoll Rand Inc. (NYSE:IR), Davidson, North Carolina, on Monday announced it has agreed to acquire Maximus for €135.4 million (US$110 million). The all-cash deal is slated to close in the third quarter once the customary closing conditions are met.
Once the deal closes, Maximus, which is a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech market, will join the PST segment.
“Smart, connected products, digital capabilities and technology are core to our growth and today’s announcement delivers on our commitment to deploy capital in pursuit of this strategy,” said Ingersoll Rand CEO Vicente Reynal. “Maximus has built significant expertise in controls and IIoT technology that aligns well with Ingersoll Rand and our current brands. Leveraging Ingersoll Rand Execution Excellence (IRX) will help drive additional innovation and significant synergies with Dosatron and other PST brands. This acquisition is expected to generate significant value for our stockholders.”
The Maximus system is a centralized controller and IIoT platform that connects to farm devices in order to simplify facility management. The system tracks the state of farm infrastructure and automates tasks based on artificial intelligence (AI) logic. Based in Montreal, Canada, Maximus has approximately 100 employees and annual revenue of approximately €$40 million.
Last Monday, Ingersoll Rand announced it had entered into an agreement to buy Seepex GmbH for €431.5 million (US$514.2 million). That deal is also expected to close in the third quarter.