Rockwell Automation, Inc., announced on Tuesday that it has entered into an agreement to acquire Fiix Inc., a Toronto-based startup that specializes in artificial intelligence-enabled computerized management systems (CMMS).
The purchase price and details of the acquisition were unspecified, however, the transaction is expected to close by the end of 2020.
“Joining Rockwell Automation will allow us to help even more companies modernize maintenance and increase asset performance.”
Founded in 2008, Fiix’s cloud-native CMMS creates workflows for the scheduling, organizing, and tracking of equipment maintenance, connecting to business systems to assist in data-driven decision making.
The company’s revenue reportedly grew 70 percent in 2019 with more than 85 percent recurring revenue. It is also said to hold more than two million assets under management, with more than six million work orders each year.
In 2019, Fiix acquired Colorado-based Alchemy IoT, an industrial intelligence asset company, adding AI to the startup’s maintenance and asset management software. Earlier that same year, Fiix announced a $53 million Series C round and closed a $12 million USD Series B round in 2018.
“Joining Rockwell Automation will allow us to help even more companies modernize maintenance and increase asset performance by connecting to industry-leading data, automation, and product systems,” said James Novak, Fiix CEO. “From the beginning, Fiix has been on a mission to connect maintenance and operations teams to the tools, resources, and technology they need to modernize and join the future of maintenance.”
Based in Milwaukee, WI, Rockwell Automation’s approach to industrial automation and digital transformation covers control systems, industrial control components, information software, motor control devices, sensing devices, network technology, safety technology, and industrial security. The company operates in over 100 countries and employs approximately 23,000 staff.
Rockwell Automation stated that the addition of Fiix directly aligns with the company’s software strategy, while enhancing capabilities in its Lifecycle Services business. Rockwell Automation also argued that the addition also enhances its focus on helping customers become more sustainable, and that by using CMMS businesses can operate more efficiently, reducing waste and energy use.
“With the addition of the Fiix platform and expertise, our customers will benefit from a 360-degree view of integrated data across automation, production, and maintenance, helping them to monitor and improve the performance of their assets and optimize how maintenance work is done,” said Tessa Myers, vice president, product management, Software & Control, for Rockwell Automation. “We believe that the future of industrial asset management is performance-based.”
Image source Fiix via Google