NORTHBROOK, Ill.--(BUSINESS WIRE)--Nov. 23, 2021--
IDEX Corporation (NYSE:IEX) today announced that it has entered into a definitive agreement to acquire Nexsight, LLC and its market leading businesses – Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (PRT) – for cash consideration of $120 million, subject to customary post-closing adjustments.
The acquisition will complement and bolster existing IDEX business units iPEK and ADS, which design and create sewer crawlers, inspection and monitoring systems, and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.
Through the Nexsight acquisition, IDEX will expand to include iPEK’s key North American channel partner and its leading wastewater video inspection software platform, which we foresee helping to broaden the capabilities of ADS’s cloud-based wastewater system monitoring and predictive analytics platform.
“Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure,” IDEX Chief Executive Officer and President Eric Ashleman said. “We intend to continue growing our presence in intelligent water technologies, where we can help predict and identity wastewater system issues early, preventing them from causing property damage, harming the environment and impacting public health.”
“IDEX continues to actively seek and analyze opportunities to deploy capital and acquire IDEX-like businesses, as well as make calculated bets in new technologies to support growth, strengthen our portfolio and enhance our return to shareholders,” Ashleman said.
With annual sales of approximately $50 million, Nexsight will join the water group within IDEX’s Fluid & Metering Technology segment. The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and customary closing conditions.
IDEX Corporation (NYSE: IEX) is a company that has undoubtedly touched your life in some way. In fact, IDEX businesses make thousands of products that are mission-critical components in everyday activities. Chances are the car you’re driving has a BAND-IT® clamp holding your side airbag safely in place. If you were ever in a car accident, a Hurst Jaws of Life® rescue tool may have saved your life. If you or a family member is battling cancer, your doctor may have tested your DNA in a quest to find the best targeted medicine for you. It’s likely your DNA test was run on equipment that contains components made by our growing IDEX Health & Science team. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call more than 45 diverse businesses around the world part of the IDEX family. With 7,000 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global nearly $2.5 billion company committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.
For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.
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William K. Grogan
Senior Vice President and Chief Financial Officer
Source: IDEX Corporation