Private Equity Funds RMM, IoT Software Acquisition
Laurel Solutions has acquired Servelec Technologies, a provider of remote monitoring and management (RMM) software and Industrial Internet of Things (IIoT) systems for such vertical markets as water & wastewater management; oil & gas; transportation; communications & broadcast; and energy.
Financial terms of the deal were not disclosed. Private equity firm FFL Partners of San Francisco, California, owns Laurel Solutions.
Servelec is headquartered in Sheffield, United Kingdom with offices in Melbourne, Australia, Waterloo, Belgium, Calgary, Canada and Abu Dhabi, United Arab Emirates.
Laurel Solutions of San Francisco provides commercial and industrial hardware, software, and connectivity solutions that improve productivity, safety, and environmental performance. The company’s technology portfolio includes:
- DataOnline, a provider of remote data collection for industrial assets;
- Bacharach, a designer and manufacturer of gas test and measurement instrumentation for commercial refrigeration and HVAC equipment; and
- Neutronics a provider of refrigerant and gas analyzers.
Laurel Solutions Acquires Servelec Technologies: Executive Perspectives
In a prepared statement describing the Laurel Solutions-Servelec deal, Laurel CEO Martin Carter said:
“Servelec Technologies is a leading provider of connected remote monitoring and control solutions, helping clients and industries to realize their digital futures, and our investment further builds out our leading portfolio in remote asset monitoring and control. We are excited to partner with Servelec Technologies’ highly-talented management team, and plan significant investment in innovative products and solutions that will enhance the Company’s already outstanding offerings.”
Added David Frost, managing director at Servelec Technologies:
“We’re thrilled to have the backing of Laurel Solutions as we start a new chapter as a standalone business. Laurel brings not only the technical knowledge, but the business operations experience and capital resources that will be instrumental in our success and future growth.”
Laurel Solutions: In Acquisition Mode
The Laurel Solutions business units, backed by FFL Partners funding have been in acquisition mode. For instance, DataOnline in 2018 acquired Independent Technologies and Wikon GmbH. The combined IIoT business serve more than 1,000 customers in 75-plus countries across Europe, Asia, and the Americas.