IMI, the FTSE 100 engineering group, has agreed to acquire Italian building automation specialist iSMA CONTROLLI for an enterprise value of €63 million, funded from existing facilities.
iSMA CONTROLLI, which provides open and scalable building automation systems for commercial properties, will be folded into IMI's Climate Control division.
The Italian company is expected to generate revenue of approximately €40 million and operating profit of around €4.5 million in the year to 31 December 2026.
Completion is anticipated in the fourth quarter of 2026, subject to regulatory approvals.
IMI chief executive Roy Twite said the deal deepens the company's exposure to two key long-term themes.
"The acquisition aligns IMI even more closely with the long-term megatrends of Energy and Automation, and strengthens our ability to deliver smart-connected solutions that help customers optimise building performance, improve energy efficiency and lower operating costs," he said.
Twite added that iSMA CONTROLLI is "particularly well positioned to address the needs of underserved small and medium-sized commercial buildings."
IMI said the acquisition significantly expands its smart-connected product range and that its existing customer relationships provide a platform to scale iSMA CONTROLLI's solutions.
