Invensys Systems, Inc., a subsidiary of Invensys, PLC (London) and CIMNET, Inc. (Wyomissing, Pa.) signed a definitive agreement to merge CIMNET into Invensys in an all-cash transaction valued at $23.2 million plus the assumption of debt.
John Richardson, CEO and founder of CIMNET commented, "The combination of CIMNET's Factelligence software with the customer base and distribution network of Invensys will greatly enhance the solutions provided to new and existing customers of both companies. We expect a very strong and positive response from our customers."
CIMNET designs software for manufacturing facilities, allowing companies to schedule and monitor workflow in real time. CIMNET's products, Factelligence Industrial Portal and DNC Professional, are used by discrete and process manufacturers in the aerospace, automotive, pharmaceutical, medical devices, and consumer packaged goods industries.
The merger is subject to the approval of the holders of a majority of CIMNET's voting stock and other customary conditions, and is expected to close this summer.
The Invensys Group is made up of Process Systems, APV, Eurotherm, Invensys Rail Group and Controls. The Group is headquartered in London and is listed on the London Stock Exchange, with over 27,000 employees working in 60 countries.
