Pittsburgh-based Industrial Scientific has agreed to acquire Intelex Technologies, a global provider of SaaS-based environmental, health, safety and quality (EHSQ) management software, for approximately $570 million.
Industrial Scientific, a subsidiary of Fortive Corp., is buying the Toronto company from private equity firms JMI Equity and HarbourVest.
Coming on the heels of other buyouts of EHSQ software vendors by large PE firms, the acquisition of Intelex is the largest in the history of EHSQ pureplay vendors and one of the top five largest Canadian technology company exits in the last decade.
“We are building the company that our customers need; one capable of improving safety and productivity in the field while also being the system of record for EHSQ data,” Industrial Scientific President Justin McElhattan said, in a statement. "We are excited by the opportunity to benefit from the expansion of our mutually connected capabilities into the global EHSQ software space and beyond."
The transaction is expected to close late in the second quarter or early the third quarter of 2019, subject to customary closing conditions including regulatory approvals. Upon close, Intelex will operate as a standalone company inside Industrial Scientific.