Halma PLC (LSE: HLMA) has agreed to acquire water quality monitoring specialist Pyxis for an initial $170 million (£126 million), strengthening its Environmental & Analysis division.
The FTSE 100 safety, health and environmental technology group reported a further earn-out of up to $30 million (£22 million) could be payable for the US-based business, depending on performance over the two financial years ending March 2028 and March 2029.
Pyxis, founded in 2013 and headquartered near Houston, Texas, develops sensors and monitoring systems used to measure and control water quality across industrial, municipal and environmental applications.
The company is forecast to generate unaudited revenue of around $39 million (£29 million) in the 12 months to March 31, 2027.
Halma's acquisition would be funded from existing facilities, with Pyxis continuing to operate as a standalone business within its Environmental & Analysis sector under its existing management team.
The group has acquired Pyxis Lab Inc and Qipan Technology Development (Shanghai) Co Ltd and has agreed to acquire the smaller Pyxis Europe SLU business, with completion expected shortly.
Halma chief executive Marc Ronchetti said: “Pyxis is a high-quality business with a strong track record of growth and a clear focus on innovation. Its technologies address critical challenges in water quality monitoring with solutions that are highly valued by its customers.
“Pyxis' capabilities are complementary to several of our existing companies. We are pleased to welcome Pyxis to Halma and support its continued growth as part of the Group.”
Pyxis founder and chief innovator Caibin Xiao said joining Halma would provide the company with access to a global network, expertise and resources while allowing it to maintain operational autonomy.
Halma employs more than 9,000 people across over 20 countries and operates through its Safety, Environmental & Analysis and Healthcare sectors.
