IT Solutions Provider Merger: Superior Controls, Banks Integration
Superior Controls and Banks Integration Group are merging to launch a biotechnology control system integration company. Superior Controls, which focuses on industrial automation and IT solutions, confirms that the merger closed on March 31. Financial terms were not disclosed.
Together, Superior Controls and Banks Integration will provide customers with “broader geographic presence to support mission-critical systems integration and automation services primarily to the rapidly growing biotechnology industry,” Superior Controls said in a prepared statement.
Banks Integration will retain its name and become a subsidiary of Superior Controls. In addition, Banks Integration founder Greg Banks will continue to serve as the company’s president.
The merger also combines the Superior Controls and Banks Integration teams. Banks Integration has 36 employees in the Bay Area, and these workers will be added to Superior Controls’ staff of 77 employees. The combined company will have more than 100 engineers on staff and be among the largest control system integrators in the United States, according to Superior Controls.
“This merger will enable us to better serve our customers throughout the country,” Banks said in a prepared statement. “We anticipate a smooth and exciting transition – this is a win-win for both companies, our employees as well as our clients.”
Global System Integration Market Is Growing
The global system integration market is expanding, which is reflected in several recent market projections.
Markets and Markets has estimated the global system integration market will grow from $269.7 billion in 2016 to $387.9 billion by 2021. Some of the key factors that will drive the market’s growth include:
- Ongoing push for automation.
- Need for an integrated approach in business processes.
- Advancements in cloud technologies and virtualization.
Transparency Market Research has projected the global system integration market will expand at a compound annual growth rate (CAGR) of 10.9 percent between 2014 and 2020. The market research firm pointed out that infrastructural system integration was the largest segment in terms of revenue generation in 2013 and will “maintain its dominance” over the next few years.