Raleigh-based global tech company Vontier buys Ohio company for $ 965 million in cash
RALEIGH – Vontier, a global technology company specializing in transportation and mobility solutions that opened its headquarters in Raleigh last year, is poised to grow significantly with a nearly $ 1 billion acquisition. In liquid.
Vontier announced Monday the acquisition of Ohio-based DRB Systems from private equity firm New Mountain Capital.
DRB provides a variety of services, from point of sale to workflow and control solutions for car washes. It is based in Akron, Ohio, was launched in 1984 and has over 500 employees.
Fortive Corporation, an Everett, Washington-based company with revenues of some $ 7 billion, launched Vontier last year and chose Raleigh as its base of operations.
Vontier is publicly traded (NYSE: VNT).
“The acquisition of DRB is expected to accelerate our strategy of portfolio diversification towards long-term growth drivers in attractive markets and establish a $ 500 million retail solutions portfolio,” said Mark Morelli, CEO of Will go. “DRB’s focus on technology and software solutions complements our existing point-of-sale and payment offerings and improves our growth and recurring revenue profile, profitability and free cash flow generation.
partnership with DRB and the enormous business development that has taken place since our investment in October 2017. Under the ownership of New Mountain Capital, DRB has experienced significant growth while tripling the dollars spent on product development and innovation. We thank the management team and the employees of DRB and wish Vontier continued success with DRB in the years to come.
New transportation-focused company with 8,400 employees based in Raleigh