In this Research Note, we examine what’s behind Johnson Controls’ acquisition of FM:Systems, a Raleigh, North Carolina-based digital workplace management and Internet of Things (IoT) solutions provider for facilities and real estate professionals. Since 2015, when Johnson Controls divested its Global Workplace Solutions business to CBRE, the HVAC and building controls giant has been missing workplace solutions from its portfolio. This gap has now been filled with the acquisition of FM:Systems. Founded in 1984, FM:Systems is a leading provider of Integrated Workplace Management Systems (IWMS) and space management and digital workplace services software. With over 1,200 customers across more than 80 countries worldwide, the company addresses a diverse range of industries, including healthcare, higher education, technology, manufacturing, retail, banking and the public sector. The base purchase price for the transaction is $455 million, plus additional payments to be made subject to the achievement of post-closing earnout milestones. Johnson Controls will have noted that vendors of legacy […]