Johnson Controls has acquired FM:Systems for $455 million plus milestone payments

Building technology company Johnson Controls International PLC
JCI,
+0.96%
said Monday it has acquired FM:Systems, a digital workplace management and Internet of Things provider for facilities and real estate professionals, for $455 million upfront plus additional milestone payments on reaching certain goals. The Raleigh, N.C.-based FM:Systems’ “powerful, predictive workplace management platform will build on our best-in-class building automation services, OpenBlue, to offer a one-stop solution that helps customers accelerate their digital transformation journey, improve building efficiency and reduce operational costs,” said Johnson Controls Chairman and CEO George Oliver, in a statement. FM:Systems has more than 200 employees and 1,200 customers. The deal is not expected to impact Johnson Controls’ 2023 fiscal year financial outlook.