USA: Trane Technologies has signed an agreement to acquire Nuvolo, a US company providing cloud-based connected workplace and enterprise asset management products and solutions.
Built on the ServiceNow Platform, Nuvolo Connected Workplace is said to help customers modernise facilities management, optimise spaces, and manage the full lifecycle of enterprise assets.
The company is headquartered in Wellesley, Massachusetts, with a global workforce located throughout North America, Europe and Asia.
Trane says the acquisition will bring together the companies’ complementary capabilities, technology, offerings, and customer bases across shared key verticals, including healthcare, life sciences, retail, public sector, education and more.
Describing Nuvolo as “an outstanding fit”, Trane Technologies’ executive vice president and chief technology and sustainability officer Paul Camuti said: “With this acquisition, we see an opportunity to accelerate Nuvolo’s global growth and unlock new value and offerings for our respective customers and partners.”
Nuvolo founder and CEO Tom Stanford will join Trane Technologies in a leadership role and will continue to lead the Nuvolo business and team of approximately 250 global associates.
The transaction is subject to regulatory approval, with closing expected in the fourth quarter of 2023.