PITTSBURGH, PA – 6 JUNE 2019 – Industrial Scientific, a global leader in connected sensing technology and a wholly-owned subsidiary of Fortive Corporation (NYSE: FTV), is pleased to announce that it has signed a definitive agreement with JMI Equity to acquire Intelex Technologies for approximately $570M. The acquisition is subject to customary closing conditions, including regulatory approvals.
Intelex is a recognized leader in the environmental, health & safety, and quality (EHSQ) management space and focuses on improving business performance for its customers. Through an integrated platform, Intelex customers manage environmental compliance, work to prevent occupational illness and injury, and establish processes to achieve quality objectives. Intelex currently serves over 1,100 global customers, and 2.6 million users.
The acquisition brings together Industrial Scientific’s strength in connected sensing and predictive analytics with Intelex’s industry-leading program, workforce, and asset management capabilities that enable world class EHSQ performance. The combination heralds a new category of company better positioned to solve emerging customer challenges.
“We are building the company that our customers need; one capable of improving safety and productivity in the field while also being the system of record for EHSQ data,” said Justin McElhattan, president of Industrial Scientific. “We are excited by the opportunity to expand our connected safety capabilities into the global EHSQ software space and beyond.”
“This transaction accelerates our vision of enhancing environmental, worker health & safety, and quality programs through cyber-physical approaches,” said Mark Jaine, CEO of Intelex. “It also allows us to extend our reach into new markets on a global scale, drawing on the strengths of both companies to deliver deeper EHSQ automation that serves the needs of our customers.”
The transaction is expected to close in the third quarter of 2019. Upon closing, Intelex will be operated as a stand-alone company inside of Industrial Scientific.
About Industrial Scientific Corporation
As a global leader in connected sensing technology, Industrial Scientific provides gas detection products, services, and software to keep workers safe in hazardous environments. To date, the company supports 3,000 iNet® customers and monitors 350,000 devices across 13,000 sites. Established in 1985, and headquartered in Pittsburgh, Pennsylvania, Industrial Scientific has 800 global employees across 21 countries committed to preserving human life and eliminating death on the job by the year 2050. Industrial Scientific is also the parent company to Predictive Solutions Corporation (www.predictivesolutions.com). For more information, visit www.indsci.com.
Fortive is a diversified industrial technology growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. Fortive’s well-known brands hold leading positions in field solutions, product realization, sensing technologies, transportation technologies, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 25,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.
FORWARD LOOKING STATEMENTS
Statements in this release that are not strictly historical, including statements regarding the proposed acquisition, the anticipated timing and terms of the acquisition, future financial impact or results of the acquisition, the anticipated prospects of Intelex or the industry following the acquisition, future growth opportunities following the acquisition, future cyclicality, and any other statements regarding events or developments that Fortive expects or anticipates will or may occur in the future, are “forward-looking” statements within the meaning of the federal securities laws. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, the ability of the parties to satisfy the conditions to the acquisition on a timely basis, the parties’ ability to complete the acquisition on the anticipated terms and schedule, including the ability to obtain regulatory approvals, deterioration of or instability in the economy, international trade policies, and the financial markets, contractions or lower growth rates and cyclicality of markets Fortive or Intelex serves, competition, changes in industry standards and governmental regulations, Fortive’s ability to successfully integrate and realize the anticipated value of Intelex’s operations, the ability to realize anticipated growth, synergies and cost savings, and Intelex’s performance and maintenance of important business relationships pending closing of the acquisition. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2018. These forward-looking statements speak only as of the date of this release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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