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This Research Note explores what’s behind the acquisition of Airthings’ business segment by Zehnder Group, a Swiss indoor climate solutions manufacturer, announced on 16th June 2025. We examine the transaction details, Zehnder Group’s strategic rationale, and its ongoing portfolio transformation. Transaction Details Airthings ASA has agreed a non-binding exclusive Letter of Intent (LOI) for the sale of the company’s Business segment assets to Zehnder Group AG.  By divesting its business segment assets, Airthings would secure additional capital to focus on the continued development of the consumer business, the company’s largest activity, representing almost 80% of revenues. Under the LOI, Zehnder Group will take over all operational Airthings Business segment assets, including technology, customer contracts, inventory, and employees. Following a customary due diligence by Zehnder Group, Airthings and Zehnder Group intend to sign a definitive Asset Purchase Agreement by early July 2025. Airthings 2024 Financial Results As reported in our Research Note on Airthings 2024 Financials, […]

This Research Note examines vilisto GmbH, a German startup that has gained traction offering smart thermostats for application in non-residential buildings. We highlight their products, funding, deployments, and growth in revenues and headcount. Vilisto Profile vilisto GmbH was founded in 2016 in Hamburg, Germany, by Christoph Berger, Christian Brase, and Lasse Stehnken. Following a pivot in 2017 from smart thermostats for private households, the startup now specializes in self-learning radiator thermostats for non-residential buildings. The company’s offering focuses on a heat management solution that digitizes the entire process of heat consumption, from the radiators to the boiler. Their thermostats are made in Germany with integrated presence detection. Through movement, sound, and light in the room, the sensors detect when and how the individual rooms are used and heat them automatically as needed. By incorporating local weather data, the thermostat also calculates how long the room will take to heat up. As a result, rooms are preheated […]

In this Research Note, we explore what’s behind the acquisition of entroCIM by Wesco and examine the software business which has become part of Wesco’s Data Center Solutions segment. We also highlight Wesco’s strategy evolving from a distributor to a services provider. Transaction Details Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500 company with approximately $22 billion in annual sales in 2024 and a leading provider of business-to-business distribution, logistics services, and supply chain solutions. On June 3, 2024, Wesco acquired the assets and liabilities held by Warez, LLC and Hepta Systems, LLC, which owned and operated the entroCIM business. The total fair value of consideration for the acquisition was $36.5 million, including total cash consideration of $30.1 million, paid at closing with cash on hand, and contingent consideration not to exceed $8.0 million, with an estimated fair value of $6.4 million. EntroCIM entroCIM, a US startup in data center and building intelligence software, was […]

In this Research Note, we examine Technovator, a Chinese building automation firm, based on their 2024 Annual Report and financial results, published on 26th March 2025. This article updates our previous coverage of the company in June 2024. Technovator Profile Founded in Singapore in 2005, Technovator is listed on the Main Board of the Hong Kong Stock Exchange. The company is principally engaged in integrated and comprehensive urban smart energy saving services with a total workforce of 669 employees. Its business covers three major segments including smart transportation, smart buildings and smart energy, providing the customers with smart energy management products, solutions, and integrated services throughout their full life cycles. The group recorded 2024 revenue of RMB 1,829.2 million ($251.5 million), representing a slight decrease of 0.5% year-on-year, while maintaining stable market shares. The intensifying industry competition led to a significant decline in gross profit margin for the period and had a significant negative impact […]