Carrier Global Corporation’s ( CARR Quick Quote CARR - Free Report) Carrier has completed the acquisition of BrokerBay, a leading developer of premium and user-friendly real estate management cloud solutions. BrokerBay’s software minimizes administrative workload of brokerage, and provides seamless real estate scheduling and showing experience. It also standardizes access to electronic lockbox systems. The acquisition of BrokerBay has added strength to Carrier’s portfolio of solutions within the Fire & Security business. BrokerBay will join Supra, Carrier’s real estate access solutions provider that is part of Fire & Security’s Access Solutions business. With solutions of both BrokerBay and Supra, Carrier intends to offer advanced digital solutions to North American real estate agents. Further, the company remains optimistic that it will generate higher profits in the upcoming period. Strength in Fire & Security Segment
With the acquisition of BrokerBay, Carrier has bolstered its subsidiary Supra.
The segment has been benefiting from the company’s other subsidiaries of the same segment, namely Chubb, Det-Tronics, Kidde, Edwards, GST, Onity, Fireye, Marioff and others. Recently, Chubb unveiled Chubb visiON+ that offers a range of remote fire safety and security services to customers. This remains a positive for segmental growth. In addition, Det-Tronics introduced the BluEdge service platform that offers various services to customers who operate high hazard petroleum, oil and gas facilities. Further, Marioff inked an agreement with Rauma Marine Constructions for providing HI-FOG fire protection systems to the Finland navy. This remains a tailwind for the segment. Thus, this segment has become an integral part of the company, which generated $1.4 billion in revenues, accounting for 25.8% of total second-quarter net sales and increasing 32.7% on a year-over-year basis. Recent Acquisitions
The recent move bodes well for Carrier’s growing efforts toward strengthening its portfolio of offerings. The company’s increasing strategic acquisitions have been acting as key catalysts in shaping up its growth trajectory.
Apart from the recent buyout, the company completed the buyout of Guangdong Giwee Group and its subsidiaries, Guangdong Chigo Heating & Ventilation Equipment. The buyout added Guangdong’s portfolio of high-quality products to Carrier's portfolio of offerings. Further, it helped Carrier in penetrating the booming variable refrigerant flow and light commercial market. In addition, Carrier announced the acquisition of Nlyte Software, a leading company in data center infrastructure management software. The buyout will strengthen and expand its data center offerings, which will help it to offer customers advanced solutions related to HVAC equipment, building automation, controls, security as well as fire systems. Zacks Rank & Stocks to Consider
Currently, Carrier carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Nikon ( NINOY Quick Quote NINOY - Free Report) , Semtech Corporation ( SMTC Quick Quote SMTC - Free Report) and Avnet ( AVT Quick Quote AVT - Free Report) , each currently flaunting a Zacks Rank of 1 (Strong Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here Long-term earnings growth rates for Nikon, Avnet, and Semtech are currently projected at 51.6%, 25.4%, and 12.5%, respectively.