IDEX Corporation has announced the acquisition of Nexsight and its businesses – Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (PRT) – for US$120 million. The acquisition will complement and bolster existing IDEX business units iPEK and ADS, which design and create sewer crawlers, inspection and monitoring systems, and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.
Through the Nexsight acquisition, IDEX will expand to include iPEK’s key North America channel partner and its wastewater video inspection software platform, which the company foresee helping to broaden the capabilities of ADS’ cloud-based wastewater system monitoring and predictive analytics platform.
Eric Ashleman, CEO and president for IDEX, said: “Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure. We intend to continue growing our presence in intelligent water technologies, where we can help predict and identify wastewater system issues early, preventing them from causing property damage, harming the environment and impacting public health.
“IDEX continues to actively seek and analyse opportunities to deploy capital and acquire IDEX-like businesses, as well as make calculated bets in new technologies to support growth, strengthen our portfolio and enhance our return to shareholders.”
With annual sales of approximately $50 million, Nexsight will join the water group within IDEX’s Fluid & Metering Technology segment. The transaction is expected to close in Q1 2022.