Commercial Buildings

This Research Note examines Apleona, the German facilities management provider, since the group’s acquisition by Bain Capital in February 2025.  We explore its financial highlights in 2025, its market position in Europe, and assess its acquisitions and strategic investments in the last 18 months. This article updates our previous coverage of Apleona in February 2025. Apleona […]

This Research Note explores Delta Building Canvas, an AI-driven engineering platform from Delta Intelligent Building Technologies (DIBT) that leverages digital twin technology to enable more efficient planning, configurations, simulations, and optimization of building systems. This article is based on a June 2026 webinar on the future of buildings and our view of Delta IBT’s AI […]

In this Research Note we examine Priva, the Dutch provider of climate control hardware, software, and services for the building automation and horticulture sectors. We update our March 2024 coverage on three fronts: the state of the Viessmann shareholding, the competitive pressure now building in Priva’s core European markets, and a leadership change that could […]

Digital twin and AI startups are trying to redraw the technology map of the commercial building. For years, that map was drawn along clean lines: architects and engineers used one set of tools, contractors used another, facilities managers a third. Each phase had its own software vendors, its own data, its own logic, and the […]

This Research Note examines WAGO Group, a German supplier of electrical interconnection technology and automation products for buildings and factories.  We analyze their 2025 financial highlights and growth strategy in the building automation business in 2026. This article updates our coverage of WAGO from September 2024. WAGO Profile The company addresses various market segments and […]

In this Research Note, we examine Technovator, a key player in the Chinese building automation market, based on its 2025 annual report and financial results. We highlight the negative reaction of analysts to their decline in revenues and profitability. This article updates our previous coverage of the company in June 2025. Technovator Profile Founded in […]

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 […]