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This Research Note examines what’s behind the bolt-on acquisition of Nuvolo, the workplace management software company announced this week by Trane Technologies, the US HVAC equipment firm. Trane is considered to be a competitive second-tier supplier in the world building controls market, behind Siemens, Honeywell, Johnson Controls and Schneider Electric. In a move which emulates that of the company's building controls peers, the firm has acquired Nuvolo, a US provider of integrated workplace management systems (IWMS). With software becoming a significant differentiator in the building and workplace management sector, Trane has followed the path of its major competitors who have been actively augmenting their hardware business with software acquisitions and investments. For example, Johnson Controls acquired FM:Systems in July this year, Siemens Smart Infrastructure acquired Brightly Software in June 2022 and Schneider Electric completed a strategic minority investment in Planon in December 2020. By combining Nuvolo’s integrated workplace management and enterprise asset workflow software with […]
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This Research Note examines the announcement of a new Honeywell Automation public company which will be formed from the spinoff of Building Automation (BA) and Industrial Automation (IA) businesses, reported in their Q4-2024 earnings call, on 6th February 2025. We also review the FY 2024 results and outlook for the Building Automation segment, highlighting its […]
In this Research Note, we examine the commercial HVAC business of Trane Technologies. This article is based on the announcement of their Q4 and full-year 2024 results, investor presentation, and transcript of 30th January 2025. We also highlight the progress of Trane’s digital building services through connected buildings and assets, its recent acquisitions, and its […]
Based on analysis from our latest research, Startups in Smart Buildings 2025, we examine M&A activity in the commercial buildings startups space. PitchBook has reported that M&A activity across all sectors in 2024 increased by 14% in volume and 19% in value YoY. In fact, deal activity reached its highest annual count ever, finishing with […]
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