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Johnson Controls International plc (JCI) - $25 value - yours FREE >>
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Johnson Controls International plc (JCI) - $25 value - yours FREE >>
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Johnson Controls (JCI) Acquires FM:Systems for $455 Million
Johnson Controls International plc (JCI - Free Report) has acquired Raleigh, NC based FM:Systems, boosting its OpenBlue digital buildings offerings. The base purchase price of the acquisition is valued at $455 million, barring certain post-closing earn-out payments.
Owned by Accel-KKR, FM:Systems provides digital workplace management and IoT solutions to serve real estate customers. The company offers solutions such as space-scenario planning, asset management and facilities maintenance, etc. to make workspaces smarter.
JCI’s OpenBlue software solutions uses advanced artificial intelligence and digital twin technologies to enhance building performance. This acquisition expands the company’s OpenBlue digital buildings software portfolio with FM:Systems’ complementary cloud-based software as a service digital workplace management capabilities.
FM:Systems' dynamic workplace management platform also helps Johnson Controls provide its customers with cost-effective solutions, while simultaneously advancing their digital transformation journey. This buyout boosts JCI’s net zero building technologies leadership worldwide.
Johnson Controls International plc Price
Johnson Controls International plc price | Johnson Controls International plc Quote
FM:Systems had a history of double-digit revenue growth in gross and operating margins which is likely to be accretive to JCI. However, the acquisition is not expected to have any impact on Johnson Controls’ financial outlook for fiscal 2023.
Zacks Rank & Other Stocks to Consider
JCI currently carries Zacks Rank #2 (Buy). Some other top-ranked companies from the Industrial Products sector are discussed below:
Greif, Inc. (GEF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
GEF delivered a trailing four-quarter earnings surprise of 7.7%, on average. GEF’s earnings estimates have increased 13.4% for fiscal 2023 in the past 60 days. Its shares have risen 7.1% in the past year.
A. O. Smith Corporation (AOS - Free Report) presently carries a Zacks Rank of 2. AOS’ earnings surprise in the last four quarters was 8%, on average.
In the past 60 days, estimates for A. O. Smith’s earnings have increased 0.9% for 2023. The stock has gained 29.4% in the past year.