Vontier, a global tech firm focusing on transportation and mobility solutions that launched its headquarters in Raleigh last year, is about to grow much through an acquisition for nearly $1 billion. In cash.
Vontier announced Monday it was acquiring Ohio-based DRB Systems from private equity firm New Mountain Capital.
DRB provides numerous services, from point-of-sale to workflow and control solutions for car washes. It is based in Akron, ohio, launching in 1984 and having more than 500 employees.
Fortive Corporation, an Everett, Washington based company with some $7 billion in revenue, launched Vontier last year and picked Raleigh as the base for operations.
Vontier is publiclly traded (NYSE: VNT).
“The acquisition of DRB is expected to accelerate our portfolio diversification strategy toward long-term secular growth drivers in attractive markets and establish a $500 million Retail Solutions portfolio,” said Mark Morelli, Vontier’s CEO. “DRB’s focus on technology and software solutions complements our existing point of sale and payment offerings and enhances our growth and recurring revenue profile, profitability, and free cash flow generation.”
artnership with DRB and the tremendous business building that took place since our investment in October 2017. Under New Mountain Capital’s ownership, DRB experienced significant growth while tripling dollars spent on product development and innovation. We thank DRB’s management team and employees and wish Vontier continued success with DRB in the years ahead.
Original Source: WRAL TechWire