M&A Deal Summary

Johnson Controls Acquires FM:Systems

On July 17, 2023, Johnson Controls acquired software company FM:Systems from Accel-KKR for 455M USD

Acquisition Highlights
  • This is Johnson Controls’ 3rd transaction in the Software sector.
  • This is Johnson Controls’ 5th largest (disclosed) transaction.
  • This is Johnson Controls’ 20th transaction in the United States.
  • This is Johnson Controls’ 1st transaction in North Carolina.

M&A Deal Summary
Date 2023-07-17
Target FM:Systems
Sector Software
Buyer(s) Johnson Controls
Sellers(s) Accel-KKR
Deal Type Add-on Acquisition
Deal Value 455M USD
Advisor(s) Moelis & Co.
Raymond James - Investment Banking (Financial)
Goodwin Procter (Legal)

Target

FM:Systems

Raleigh, North Carolina, United States
FM:Systems is a provider of Integrated Workplace Management Systems (IWMS) and Computer-Aided Facility Management (CAFM) software. FM:Systems’ over 300 blue-chip customer base spans six continents and a diverse range of industries, including healthcare, higher education, technology, manufacturing, retail, banking and the public sector. FM:Systems is headquartered in Raleigh, North Carolina, and conducts business throughout the Americas, Africa, Europe and Asia Pacific.

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Buyer(S) 1

Buyer

Johnson Controls

Cork, Ireland
Category Company
Founded 1885
Sector Diversified
Employees102,000
Revenue 26.8B USD (2023)
DESCRIPTION
Johnson Controls' operational headquarters in Milwaukee, Wisconsin.
Johnson Controls' operational headquarters in Milwaukee, Wisconsin.

Johnson Controls is a diversified technology and industrial company that creates products, services, and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating and interior systems for automobiles. Johnson Controls was founded in 1885 and is based in Cork, Ireland.

DEAL STATS #
Overall 32 of 32
Sector (Software) 3 of 3
Type (Add-on Acquisition) 27 of 27
State (North Carolina) 1 of 1
Country (United States) 20 of 20
Year (2023) 3 of 3
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-21 M&M Carnot

Federalsburg, Maryland, United States

M&M Carnot is a provider of industrial refrigeration equipment and control systems for cold storage, food processing, and other industrial applications. M&M designs build, manufactures and service industrial refrigeration systems around the world. M&M Carnot was founded in 1969 and is based in Federalsburg, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-18 Air Distribution Technologies

Richardson, Texas, United States

Air Distribution Technologies is a provider of air-distribution and ventilation products for residential and industrial buildings in North America. Its brands include Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey and their product lines of grilles, registers and diffusers, terminal units, fire and smoke dampers, louvers, filters and fans. Air Distribution Technologies products are manufactured in the United States, Mexico, India, Thailand and the United Arab Emirates. Air Distribution Technologies is based in Richardson, Texas.

Sell -

Seller(S) 1

SELLER

Accel-KKR

Menlo Park, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 19.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Accel-KKR is a private equity firm that seeks control and growth-oriented investments in middle-market technology companies. The Firm targets investments in public and private companies with revenues ranging from $15 to $150 million. Accel-KKR pursues transactions across multiple segments of the technology industry, including software, hardware and internet technologies, and IT enabled services. Accel-KKR's first fund was created in 2000 by Accel Partners and Kohlberg Kravis Roberts & Co. to invest in technology assets and businesses that were outside of each firm's core focus. Accel-KKR is based in Menlo Park, California.

DEAL STATS #
Overall 51 of 54
Sector (Software) 23 of 23
Type (Add-on Acquisition) 28 of 29
State (North Carolina) 3 of 3
Country (United States) 41 of 44
Year (2023) 4 of 5
Size (of disclosed) 9 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-13 Kerridge

Hungerford, United Kingdom

Kerridge provides software to over customers across the world in a number of vertical markets including building materials and supplies, automotive, industrial, electrical, food and beverage, pharmaceuticals, rental equipment and other distributive trade verticals. Kerridge was founded in 1976 and is based in Hungerford, United Kingdom.

Sell £800M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-17 Ocuco

Manchester, Connecticut, United States

Ocuco is a provider of omnichannel software solutions to the global eyecare market. Its products include practice management software, laboratory management systems, and e-commerce solutions. Ocuco was founded in 1993 and is based in Manchester, Connecticut.

Buy -
Mergr

Product

Company

Legal