Press Release: Hexagon acquires Itus Digital to expand Asset Performance Management capabilities

Dow Jones04-04

Hexagon acquires Itus Digital to expand Asset Performance Management capabilities

PR Newswire

STOCKHOLM, Sweden, April 4, 2024

STOCKHOLM, Sweden, April 4, 2024 /PRNewswire/ -- Hexagon, the global leader in digital reality solutions, combining sensor, software and autonomous technologies, today announced the acquisition of Itus Digital, a Roanoke, Virginia-based provider of asset performance management $(APM)$ software. Itus's capabilities directly compliment Hexagon's HxGN EAM platform, as well as other Hexagon products. Asset performance management is an approach to industrial operations that focuses on optimising reliability, improving uptime, and reducing cost.

Itus Digital provides SaaS-based innovative solutions that help optimise the performance of industrial assets. Its APM platform manages the entire asset strategy and digital twin lifecycle to identify and prioritise asset risk exposure, safeguard assets against known failure modes, monitor asset condition and performance and take timely measures when risks increase or threats emerge. The platform is designed for effortless implementation and swift, ongoing optimisation of asset strategies.

"We are excited to welcome Itus Digital to Hexagon," said Paolo Guglielmini, President and CEO, Hexagon. "This strategic acquisition, combined with our market-leading EAM platform, allows customers to further improve asset reliability and availability, minimising downtime and costs. These solutions provide significant opportunities to customers of any size or within any vertical."

Itus Digital will be fully consolidated as of today, operating within Hexagon's Asset Lifecycle Intelligence division. Itus Digital is expected to generate revenues of around 1 MEUR in 2024, growing quickly, with a profitability level initially below that of Hexagon.

For further information, please contact:

Tom Hull, Head of Investor Relations, Hexagon AB, +44 7442 678 437, ir@hexagon.com

Anton Heikenström, Investor Relations Manager, Hexagon AB, +46 8 601 26 26, ir@hexagon.com

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SOURCE Hexagon

(END) Dow Jones Newswires

April 04, 2024 03:08 ET (07:08 GMT)

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