Trane Technologies to Acquire Connected Workplace and Enterprise Asset Management Leader Nuvolo
02 Outubro 2023 - 7:30AM
Business Wire
- Expands company’s software-as-a-service (SaaS) and digital
capabilities to meet fast-growing demands for modern workplace and
enterprise asset management solutions
- Combines Nuvolo’s leading integrated workplace and enterprise
asset management workflow software with complementary Trane
Technologies’ digital, building management and connected equipment
and services capabilities
- Unlocks new value and offerings for customers across shared
verticals globally
Trane Technologies (NYSE: TT), a global climate innovator,
announced that it has signed a definitive agreement to acquire
Nuvolo, a global leader in modern, cloud-based connected workplace
and enterprise asset management products and solutions.
Built on the ServiceNow™ Platform, Nuvolo Connected Workplace
helps customers modernize facilities management, optimize spaces,
and manage the full lifecycle of enterprise assets utilizing a
single solution. The acquisition will bring together the companies’
complementary capabilities, technology, offerings, and customer
bases across shared key verticals, including healthcare, life
sciences, retail, public sector, education and more.
“Nuvolo is an outstanding fit with Trane Technologies’ strategy
to broaden the impact of our climate leadership and innovate for
sustainability,” said Paul Camuti, executive vice president and
chief technology and sustainability officer of Trane Technologies.
“With this acquisition, we see an opportunity to accelerate
Nuvolo’s global growth and unlock new value and offerings for our
respective customers and partners. We look forward to welcoming the
talented Nuvolo team as we further expand our digital leadership
with cloud-based solutions and services that help our customers
achieve their decarbonization and workplace transformation goals.
This bolt-on acquisition follows our proven model of adding leading
technologies that augment our core business and scaling them to
deliver strong returns over time.”
Nuvolo Founder and CEO Tom Stanford will join Trane Technologies
in a leadership role and will continue to lead the Nuvolo business
and team of approximately 250 global associates.
“Following a decade of innovation and growth, we dedicated
ourselves to finding an extraordinary partner aligned with our core
values and future vision, who could take Nuvolo to the next stage
of development,” said Tom Stanford, Nuvolo founder and CEO. “We are
thankful to have found that partner in Trane Technologies. As a
global decarbonization pioneer, Trane Technologies shares our
commitment to innovation, forward thinking and a relentless
commitment to customer-focused solutions. We are proud to be part
of the Trane Technologies family, and excited about the next phase
of growth with this new partnership.”
The transaction is subject to regulatory approval, with closing
expected in the fourth quarter of 2023. Goldman Sachs & Co. LLC
served as the financial advisor to Trane Technologies on the
transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as
legal advisor to Trane Technologies. Cooley LLP served as legal
advisor to Nuvolo. Additional details of the transaction were not
disclosed.
About Trane Technologies
Trane Technologies is a global climate innovator. Through our
strategic brands Trane® and Thermo King®, and our environmentally
responsible portfolio of products and services, we bring efficient
and sustainable climate solutions to buildings, homes, and
transportation. Learn more at tranetechologies.com.
About Nuvolo
Nuvolo is the global leader in modern, cloud-based connected
workplace solutions, built on ServiceNow. Nuvolo provides a single
platform to manage all people, all physical locations, all assets,
and all work across the business. Industries served include
healthcare, life sciences, retail, public sector, higher education,
technology, financial services, and enterprise. Nuvolo is
headquartered in Wellesley, MA, with a global workforce located
throughout North America, Europe, and Asia. Learn more at
nuvolo.com.
Forward-Looking Statements
This news release includes “forward-looking statements” within
the meaning of securities laws, which are statements that are not
historical facts, including statements that relate to the
acquisition of Nuvolo and the anticipated impact of the transaction
on the Company’s strategic initiatives and sustainability
commitments. These forward-looking statements are based on our
current expectations and are subject to risks and uncertainties,
which may cause actual results to differ materially from our
current expectations. Factors that could cause such differences can
be found in our Form 10-K for the year ended December 31, 2022, as
well as our subsequent reports on Form 10-Q and other SEC filings.
New risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
the Company. We assume no obligation to update these
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002405510/en/
Media Contact: Shelby Hansen +1-925-336-0496
Shelby.Hansen@tranetechnologies.com
Investors Contact: Zachary Nagle +1-704-990-3913
InvestorRelations@tranetechnologies.com
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