This Research Note examines M&A and investment activity at dormakaba over the last 14 months, highlighting their commitment to execute their growth strategy at a bolder pace. We comment on this acceleration of external investments based on 6 bolt-on acquisitions and 3 strategic investments since February 2025, review their North American growth plan, and provide our own view of their progress in achieving their ambitions. dormakaba M&A Strategy dormakaba, the Swiss-headquartered access solutions giant and the world’s third-largest player in the global access solutions market, has pursued a measured M&A and investment strategy over the past 14 months. Unlike its more acquisitive rivals, ASSA ABLOY and Allegion, dormakaba has historically been more restrained in its dealmaking, a posture shaped in part by the prolonged effort to integrate the 2015 Dorma-Kaba merger and by leadership transitions (three CEOs since 2021). However, the company’s strategic direction is now shifting decisively toward using M&A as a growth lever, […]