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This Research Note examines what’s behind the Vertiv acquisition of Waylay, a Belgian startup offering an IoT orchestration platform. We highlight the transaction details, strategic rationale, Waylay profile, and Vertiv’s product and services portfolio before providing a Memoori view of the technology acquired. Transaction Details and Strategic Rationale In August 2025, Vertiv Holdings, a vendor of critical digital infrastructure, announced it had acquired Waylay NV, a Belgium-based startup in hyperautomation and generative AI software platforms, as part of its continued investment in AI-driven monitoring and control technologies for its power and cooling systems. Vertiv expects this investment to strengthen its comprehensive portfolio of digital infrastructure solutions with AI-based infrastructure monitoring, predictive services, and performance optimization. “With the addition of Waylay’s technology and software-focused team, Vertiv will accelerate its vision of intelligent infrastructure – data-driven, proactive, and optimised for the world’s most demanding environments,” said Vertiv’s CEO, Giordano Albertazzi. “We are excited about the operational efficiencies […]

This Research Note explores Sharry, the Czech startup developing smart buildings software for mobile access control.  We review the platform, company funding, deployments, and partnership with Assa Abloy before providing our assessment of their progress. Sharry Profile Founded in 2016 and headquartered in Prague, Czech Republic by Josef Šachta, Jakub Řezníček, Michal Čeřovský and Vladimír Cibulka. Sharry has developed an integrated software platform for smart buildings, which is built around digital employee badges, workplace experience, and mobile access control. The company has over 40 employees and 3 branches worldwide (New York, USA, Warsaw, Poland, and London, UK).  In 2023, Sharry opened Workplace Experience Centers in New York City and Prague in close collaboration with HID, MetraModo, Y Soft, and Modern Office Systems. It currently has 8 Workplace Centers across the USA and Europe. Sharry’s cloud-based workplace experience platform offers three core products that can be combined or used independently: Smart Access Platform Visitor Management Workplace App for bookings, […]

This Research Note examines the Building Solutions business of Vinci Energies, highlighting its focus, vertical markets, and financial performance of its operations, based on its 2024 financial results and Capital Markets Day presentation. Vinci Energies Building Solutions Profile Vinci Energies offers a range of electrical and multi-technical solutions and services for commercial and industrial buildings, including: Electrical systems Heating, ventilation, air conditioning Fire safety Video surveillance & access control Maintenance & services Vinci Energies Building Solutions is active throughout the life cycle of buildings, combining expertise in engineering and works with multi-technical maintenance and services to occupants under the umbrella of facilities management.   Encompassing design, installation, operation, and renovation, its business units work on all types of buildings to create and maintain sites with a focus on making them more sustainable, efficient, comfortable, safe, and adaptive. The major vertical markets are offices, 31% of 2023 revenues, industry 19% and infrastructure 7%. Building Solutions has […]

This Research Note explores our assessment of Honeywell’s market position in the European building automation products market.    We review the revenue mix for the Honeywell Building Automation division, examine the latest financial data of two subsidiaries, Trend Control Systems based in the UK and Saia-Burgess Controls based in Switzerland, concluding with our view of Honeywell’s business in the European market. Honeywell Building Automation Revenue Mix 2022 – 2024 Honeywell 2024 10-K Report Note that the product portfolio in the Building Automation division includes fire and security products as well as building controls. The acquisition of Carrier’s Global Access Solutions completed in June 2024 contributed $424 million to 2024 sales in the division`s equipment-agnostic products business, while improving the margin profile of the BA segment. In 2023 and 2024, Honeywell Building Automation reported lower organic product sales of $27 million and $124 million respectively, driven by lower sales volumes. While Honeywell does not report its […]

This Research Note examines Zumtobel, an Austrian listed lighting group active worldwide, highlighting its latest financial results as of 30th April 2025, published on 24th July. This updates our research note from last year. We also explore the Smart Building Solutions new business area, partnerships, and a European Investment Bank loan for research and development. Zumtobel Profile Founded in 1950, Zumtobel Group AG, based in Dornbirn, Vorarlberg, Austria, is the supplier of Thorn, Tridonic, and Zumtobel core lighting brands. The group operates 9 production plants on 3 continents, has sales offices and partners in roughly 90 countries, and has a workforce of around 5,300 employees. The Zumtobel Group consists of two operating segments, which form the basis for corporate management: the Components Segment and the Lighting Segment. Each segment has its own sales, product portfolio, R&D, logistics & supply chain and production organisation. Zumtobel Annual Financial Report 2024/2025 2024/25 Financial Highlights Group revenues declined by […]