Building Management Systems

Most business cases for smart building technology stop at energy savings. The bigger bills often come from things nobody tracks: faults that run for weeks before anyone notices, equipment that slowly drifts out of its commissioned state, and compliance and security risks that build up quietly, ruining smart building ROI. In episode 48 of Sh*t […]

This Research Note explores Nordomatic Group, an independent European system integrator for Building Management Systems (BMS) based in Sweden. We examine the group’s software offerings, ownership, and financial results in the past 12 months before assessing M&A strategy over the last decade, based on public records, press releases, and Nordomatic 2025 Sustainability Report. This article […]

This Research Note examines the Swedish building automation group, AB Regin. We explore brands, business model and changes in ownership before highlighting their relocation of actuator production from Taiwan to Italy and their 2025 financial results. This article updates our previous coverage of the group in October 2024 and June 2022. Regin Group Profile Aktiebolaget […]

This Research Note examines the development of the Forge platform driving Honeywell Technologies growth in recurring software and services. We also assess the Forge installed base of connected buildings and assets in comparison to their peers.  This article is based on commentary and data disclosed during their June 2026 Investor Day, their Q2 earnings call […]

This Research Note examines learnd UK & Ireland BMS integration and service business, after their strategic MBO in September 2025. We review 2025 and Q1 2026 financial highlights, based on AnchorCore SE announcements, before commenting on their strategy to date. learnd UK Profile learnd Ltd addresses the growing market for intelligent, energy-efficient building management in […]

This Research Note examines Azbil, a Japanese public company with a leading position in the domestic building automation market. The financial highlights and medium- to long-term outlook for the Building Automation (BA) business are based on its FY 2025 annual results, year-end 31st March 2026, investor presentation dated 13th May 2026, and Memoori analysis. See […]

This Research Note examines the Nordomatic Group, a Swedish building management systems integrator. We highlight its expansion journey, before drilling down into the UK business, created from 4 acquisitions over the last four years. This article updates our previous coverage of the company in August 2025. Nordomatic Group Profile The Nordomatic Group is one of […]