Energy Efficiency
Johnson Controls + Tyco: Nearly 10 Years on from the $16.5B Mega Merger
September 30th, 2025Verdigris: Comprehensive Review of the Energy Management Platform in 2025
September 29th, 2025learnd’s Strategic €48.5M Management Buyout Signals New Growth Phase
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. […]
Trane Technologies Growth Through Acquisition: Key 15 Smart Building Deals Since 2013
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 […]
Emcor’s Consistent Building Services Growth Despite 2024 Market Challenges
In this Research Note, we examine EMCOR, one of the largest mechanical and electrical contractors in the United States and its building services business, which accounts for 24% of the group’s 2024 revenues of $14.6 billion. Based on their 2024 Annual Report and Corporate Overview Presentation, this analysis covers the Building Services financial highlights for […]
Noda’s Strategic Pivot from Infogrid Continues: Comprehensive 2025 Review
This Research Note takes an in-depth look at UK startup Noda’s filing of their 2024 company accounts, released on 30th July 2025, detailing the financial results of Information Grid Ltd. We also comment on strategic decisions made in 2024 and 2025, including a strategic pivot in their software portfolio and headcount reductions. This article updates […]
Acquisitions Up, Investment Down: Is there a 2025 Smart Building Startup Reality Check?
Last week’s live stream provided a comprehensive analysis of the smart building startup ecosystem, focusing on investment trends, acquisition activity, and market dynamics for the first half of 2025. The session covered key data insights, market consolidation patterns, and strategic considerations for companies operating in the commercial building technology space. In this research note, you […]
Equans Reports Strong €19.2 Billion Revenue Performance
This Research Note examines Equans, a €19.2 billion business unit of Bouyges group, which offers a wide range of multi-technical services that contribute to increasing the overall performance of buildings. We review their building services portfolio and 2024 revenues before highlighting Equans Digital activities in the smart buildings space. This article updates our previous coverage of […]
Zumtobel Invests €191 Million in R&D for Smart Buildings Growth
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. […]
Legence IPO Filing 2025: Financial & Market Position Analysis
This Research Note examines the recent Legence Corp. filing at the US SEC for an Initial Public Offering. We highlight the transaction details, profile the business segments offering engineering, installation and maintenance services and sustainability consulting, and explore the financial highlights of the $2.1 billion revenue company. Transaction Details Blackstone is exploring a potential sale […]