Toronto-based Intelex Technologies, an Environmental, Health, Safety and Quality (EHSQ) SaaS company, has been acquired for $570 million USD by Industrial Scientific, a connected sensing technology company that creates software for worker safety.
“This acquisition allows us to close the loop on IoT-enabled sustainability, worker safety, and operational risk and performance.”
Intelex will be acquired from JMI Equity and HarbourVest, and the company said it will represent one of Canada’s five largest tech company exits in the last ten years. The transaction is expected to close late in the second quarter or early third quarter of this year, and Intelex will operate as a stand-alone company within the umbrella of Industrial Scientific. Intelex said the acquisition will allow the company to extend its reach into new markets around the world and create a nerve centre for EHSQ 4.0 automation.
“Joining Industrial Scientific and the Fortive group of companies is a game-changer for Intelex as well as the industry,” said Mark Jaine, CEO of Intelex. “This propels our vision of enhancing environmental, worker health and safety, and quality programs through cyber-physical approaches.”
Intelex was founded in 1992 by Andrew Jaine and Ted Grunau. Its web and mobile applications were created to simplify environmental, safety, and quality management, by optimizing business performance, enabling regulatory compliance, and streamlining initiatives laid out by the International Organization for Standardization. In June 2016, Intelex acquired Denver-based Ecocion, a SaaS-based environmental management information systems provider.
“We are building the company that our customers need, one capable of improving safety and productivity in the field while also being the system of record for EHSQ data,” said Justin McElhattan, president of Industrial Scientific. “We are excited by the opportunity to benefit from the expansion of our mutually connected capabilities into the global EHSQ software space and beyond.”
Intelex said it will use Industrial Scientific’s network and expertise to develop a real-time data flow between an organization’s workforce, assets, and EHSQ program management, creating a “digital nervous system” for EHSQ. Intelex’s software will be used to support Industrial Scientific’s products that aim to protect workers from hazardous conditions. The company also said it will now have the ability to accelerate the automation of connected and intelligent EHSQ programs.
“Drawing on the strengths of both companies, we will be able to deliver a one-stop shop for EHSQ 4.0 automation,” Jaine said. “With Intelex acting as the central nervous system to connect the dots, this acquisition allows us to close the loop on IoT-enabled sustainability, worker safety, and operational risk and performance.”
Image courtesy Intelex via Facebook