BEMS

This Research Note examines the software and digital services strategy of Schneider Electric, highlighting its current status, based on 2025 digital metrics presented by the Group on 26th February 2026. We analyse the key milestones in the evolution of their software portfolio over the past 8 years, including major acquisitions which have contributed to the […]

This Research Note examines Trane Technologies commercial HVAC business and the group’s financial highlights following their 2025 financial results announced on 29th January 2026.  We explore Trane’s M&A strategy in 2025 and 2026, augmenting both its hardware and software portfolio for commercial buildings and data centers.  This Research Note updates our previous commentary in September […]

This Research Note highlights the latest data on the Buildings and Data Centers end-markets presented at Schneider Electric’s Capital Markets Day, 11th December 2025.  We also examine the recently launched Ecostruxure Foresight Platform, a unified operating system for the built environment. Schneider Electric Buildings & Data Centers End-Markets The Buildings end-market accounts for an estimated […]

This Research Note examines the M&A activity of Sauter Group, a Basel, Switzerland-based provider of building automation solutions and services, following two further acquisitions announced in 2025, Grupo King in Portugal and Electracom in the UK.  We highlight the timeline of the 10 transactions over the last 10 years, inorganic revenues acquired and business focus […]

In this Research Note, we examine the Buildings business of Siemens, which operates within the Smart Infrastructure (SI) division, based on their Q4 earnings release and investor presentations of 13th November 2025 and the Capital Market Day presentation in December 2024. This article focuses on the latest financial results, divisional revenue mix and acquisitions, followed […]

This Research Note examines learnd SE, a Luxembourg public company, which announced on 24th September 2025, that the founders have taken a majority stake and are to take the company private. We explore the transaction details, learnd’s history and buy and build strategy followed by the implications of the organizational change and a Memoori view. […]

This Research Note examines the acquisitions and divestments that Trane Technologies has completed over the last 11 years in the smart buildings space.  We have classified these transactions by technology, business model and strategic rationale. This article is intended as a non-exhaustive indicator of Trane’s strategic direction, updating our September 2022 analysis. Acquisition Mapping of […]