Johnson Controls has acquired FM:Systems. The base purchase price for the transaction is $455 million, plus additional payments to be made subject to the achievement of post-closing earnout milestones.

“FM:Systems’ powerful, predictive workplace management platform will build on our best-in-class building automation services, OpenBlue, to offer a one-stop solution that helps customers accelerate their digital transformation journey, improve building efficiency and reduce operational costs,” said Johnson Controls chairman and CEO George Oliver. “Coupled with our building asset solutions, energy management offerings and global field network, this acquisition further differentiates Johnson Controls’ leadership in the fast-growing segment for autonomous and digitally enabled buildings.”

FM:Systems, headquartered in Raleigh, North Carolina, and owned by Accel-KKR, has more than 200 employees and 1,200 customers, representing more than 2.4 million users across 80 countries. The company has earned a loyal customer base, achieving a greater than 110% average net revenue retention since 2020. An established leader in the digital workplace solutions industry, FM:Systems has had double-digit revenue growth with gross and operating margins that are accretive to Johnson Controls.

“Workplace management technology is a key enabler in terms of improving operational efficiency, creating safer, healthier and smarter buildings, and supporting sustainability goals. Since our investment in 2017, FM:Systems has become a leader in this space with continued innovation and service excellence, leading to a strong growth profile,” said Dean Jacobson, managing director at Accel-KKR. “We are proud of the success accomplished together with the talented team at FM:Systems, and we are pleased to see how well FM:Systems fits into and expands Johnson Controls OpenBlue digital capabilities in pursuit of a shared vision to lead in the future of autonomous and connected buildings.”