Hexagon AB

Hexagon AB
Company typePublic (Aktiebolag)
Nasdaq Stockholm: HEXA B
OMX Stockholm 30 component
ISINSE0015961909[1]
IndustryCAD/CAM Software, Electronics, Enterprise Software, Geographic Information Systems (GIS), Software, Technology, Technology Consulting.
Founded1975; 49 years ago (1975)
HeadquartersStockholm, Sweden
Area served
Worldwide
Key people
Paolo Guglielmini, CEO
Ola Rollén, Chairman[2]
RevenueIncrease 5.2 bn EUR (2022)
Increase 1,517.8 MEUR (2022)
Total assetsIncrease16,477.0 MEUR (2022)
Number of employees
24,000 (2022)[3][4]
WebsiteHexagon.com

Hexagon AB is a multinational industrial technology company.[5] Headquartered in Stockholm, Sweden[3] and publicly traded on the Nasdaq Stockholm exchange,[6] the company since 2000 has had a particular focus on measuring technology[7] and geospatial tools and software.[3] After its founding, between 2000 and 2022, Hexagon completed more than 170 acquisitions,[8] and it is the parent company of Leica Geosystems[9] and Infor EAM, among other subsidiaries.[5] With around 24,000 employees, Hexagon's revenue in 2023 was US$5.5 billion, while assets were $18.1 billion.[3]

History

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1975–2012

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Headquartered in Stockholm, Sweden, the predecessor company of Hexagon AB was founded on August 29, 1975.[3] The company was described as a "sprawling conglomerate" investing in diverse industries, for example seafood imports, vehicle hydraulics, and day-care centers. Financier Melker Schörling bought a controlling stake in the company in 1998, and aimed to focus the company's investments.[10]

In 2000,[11] Ola Rollén, former CEO of Kanthal, was appointed by Schörling to be CEO of Hexagon AB. The company began acquiring companies focused on precision measurement technology and software, and divesting in other areas.[10] In late 2001, Hexagon AB agreed to buy Brown & Sharpe, a Swedish company focused on metrological tools, for around US$180 million.[7] Hexagon AB also acquired Leica Geosystems[10] after counter-bidding against Danaher for the company in 2005.[9] Hexagon AB acquired the Israel-based 3D optics company CogniTens Ltd in 2007.[12] The software company Intergraph was acquired by Hexagon AB in July 2010 for US$2.1 billion.[13]

2013–2021

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Hexagon AB acquired Vero Software in 2014.[14] In 2016, the top five shareholders in Hexagon included Schörling, Ramsbury Invest, SSB CI Omnibus, Swedbank Robur Fonder and JPM Chase. Schorling served as chairman,[6] although he stepped down in October 2016 due to health issues.[15] Hexagon purchased MSC Software for US$834 million in 2017, using the acquisition to boost its portfolio of products related to automated manufacturing.[16] In 2018, Hexagon acquired both AGTEK[17] and Spring Technologies SAS.[18]

In 2016, Hexagon's CEO Ola Rollén was detained in Sweden over allegations of insider trading. The transaction did not involve Hexagon and he continued to serve as CEO of Hexagon. Rollén was acquitted in 2018,[19] then again found not guilty by an Oslo appeals court in 2019.[11] Hexagon acquired Infor EAM, a program developed by Infor, from Koch in 2021. Hexagon paid US$800 million in cash and shares worth $1.95 billion for the purchase, giving Koch a 5% stake in Hexagon.[5]

2022–2024

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Ola Rollén stepped down as Hexagon CEO at the end of 2022, becoming chairman of the board. Former COO Paolo Guglielmini became president and CEO.[2] Hexagon purchased Hard-Line, a radio system company based in Ontario, in July 2023,[20] and in November 2023, Hexagon led a US$230 million funding round in the industrial AI company Divergent Technologies.[21] Hexagon's revenues in 2023 were US$5.5 billion. Assets were $18.1 billion, profits were $1.1 billion, and the company listed 24,000 employees[3] in 50 countries.[22]

On November 11, 2024, it was announced that Paolo Guglielmini was stepping down as CEO and that Norbert Hanke would be serving as interim CEO. Hexagon also announced its exploration of a possible split of the company into Hexagon AB and a new corporation, which would focus on Enterprise Industrial Software[23].

Products and services

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Hexagon is a technology and software firm[16] known for specializing in measurement and positioning systems.[3][19] According to Reuters in 2023, Hexagon's products are used for "measurement and quality inspection in manufacturing processes and engineering plant design, as well as in infrastructure planning, construction, mining, agriculture and energy."[24] With Hexagon developing what it calls "ecosystems" of software programs and technologies for specific purposes, in 2023, the company's official website stated it sold products catered to the following industries: autonomous mobility, buildings, cities and nations, defense, farms, industrial facilitates, infrastructure, manufacturing, and mines.[25][non-primary source needed]

Divisions

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Hexagon AB is organized into divisions, listing five internal divisions on its website: Asset Lifecycle Intelligence, Autonomous Solutions, Geosystems, Manufacturing Intelligence, and Safety, Infrastructure & Geospatial.[26][non-primary source needed]

List of acquisitions and subsidiaries

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Between 2000 and 2022, Hexagon completed more than 170 acquisitions.[8] The following table lists major acquisitions by year, also noting the division of Hexagon AB that the acquisition was made a part of.

Year Company Country Hexagon division[when?]
2000 Cubic-Tavleproduktion  Denmark
2000 Wilcox & Associates  US Manufacturing Intelligence
2000 HTR Hydrauliikka  Finland
2001 Brown & Sharpe[7]   US Manufacturing Intelligence
2002 MIRAI S.R.L  Italy
2002 Quality Ltda  Brazil
2002 CE Johansson  Sweden Manufacturing Intelligence
2002 Xygent  US Manufacturing Intelligence
2002 GFD Technology  Germany
2004 Korea ErFa Systems Eng – Business  South Korea
2004 Romer  France Manufacturing Intelligence
2004 GPD Sprl – Assets  Italy
2004 Thona Group  Belgium
2005 Trostel SEG  US
2005 Leica Geosystems[9]   Switzerland Geosystems
2006 Mikrofyn  Denmark Geosystems
2007 Gesswein  Germany
2007 Agatec SAS  France
2007 Jingjiang Measuring Tool Company  China Manufacturing Intelligence
2007 Transmetal  Turkey
2007 Allen Precision Equipment  US Geosystems
2007 NovAtel  Canada Autonomy & Positioning
2007 Elcome Technologies  India Geosystems
2007 Gold Key Processing  US
2007 Ionic Software  Belgium
2007 Earth Resource Mapping  Australia
2007 GAMFI International  France
2007 Svensk ByggnadsGeodesi  Sweden Geosystems
2007 CogniTens Ltd[12]  Israel Manufacturing Intelligence
2008 Messtechnik Wetzlar  Germany Manufacturing Intelligence
2008 Santiago & Cintra Ibérica  Spain
2008 m&h Group  Germany Manufacturing Intelligence
2008 Viewserve  Sweden Geosystems
2008 Serein Metrology  US Manufacturing Intelligence
2009 Technodigit  France Manufacturing Intelligence
2009 Mahr Multisensor GmbH  Germany
2009 MYCRONA GmbH  Germany
2010 Intergraph[13]   US Safety, Infrastructure & Geospatial/
Asset Lifecycle Intelligence
2012 Microsurvey  Canada Geosystems
2012 myVR  Norway  CORP
2012 GTA Geoinformatik  Germany
2013 Pixis  Chile Asset Lifecycle Intelligence
2013 Airborne Hydrography AB  Sweden Geosystems
2013 Devex  Brazil Mining
2013 Navgeocom  Russia Geosystems
2013 LISTECH  Australia Geosystems
2013 New River Kinematics (NRK)  US Manufacturing Intelligence
2013 MANFRA  Brazil Geosystems
2014 Veripos   UK[27] Autonomy & Positioning[28]
2014 Aibotix  Germany Geosystems
2014 HostSure  Ireland Asset Lifecycle Intelligence
2014 iLab  Brazil  VEN
2014 Mintec  US Mining
2014 North West Geomatics Ltd. (North West Group)  Canada Geosystems
2014 SAFEmine   Switzerland Mining
2014 Arvus  Brazil  iHub
2014 Vero Software[14]   UK Manufacturing Intelligence
2015 EcoSys  US Asset Lifecycle Intelligence
2015 Q-DAS  Germany Manufacturing Intelligence
2015 CAMTECH GmbH & Co KG  Germany Manufacturing Intelligence
2016 Apodius GmbH  Germany Manufacturing Intelligence
2016 Forming Technology, Inc.  Canada Manufacturing Intelligence
2016 Multivista  US Geosystems
2016 SigmaSpace Corporation  US Safety, Infrastructure & Geospatial
2016 SCCS Survey  UK Geosystems
2016 AICON 3D Systems  Germany Manufacturing Intelligence
2016 NESTIX Oy  Finland Asset Lifecycle Intelligence
2017 Catavolt, Inc  US  VENT
2017 Luciad  Belgium Safety, Infrastructure & Geospatial
2017 MiPlan  Australia Mining
2017 MSC Software[16]    US Manufacturing Intelligence
2017 VIRES GmbH  Germany Manufacturing Intelligence
2017 DST Computer Services   Switzerland Asset Lifecycle Intelligence
2018 AGTEK[17]   US Geosystems
2018 AutonomouStuff  US Autonomy & Positioning
2018 Bricsys  Belgium Asset Lifecycle Intelligence
2018 Guardvant  US Mining
2018 Nextsense  Austria Manufacturing Intelligence
2018 Spring Technologies SAS[18]   France Manufacturing Intelligence
2019 J5 International  Isle of Man Asset Lifecycle Intelligence
2019 Etalon AG  Germany Manufacturing Intelligence
2019 Thermopylae Sciences & Technology LLC  US  GSP
2019 Split Engineering  US Mining
2019 AMendate  Germany Manufacturing Intelligence
2019 Volume Graphics  Germany Manufacturing Intelligence
2020 Blast Movement Technology (BMT)  Australia Mining
2020 Geopraevent   Switzerland Geosystems
2020 Romax  UK Manufacturing Intelligence
2020 PAS Global  US Asset Lifecycle Intelligence
2020 Tacticaware  Czech Republic Geosystems
2020 ESPRIT CAM  US Manufacturing Intelligence
2020 CAEfatigue  UK Manufacturing Intelligence
2020 OxBlue  US Geosystems
2021 Infor EAM[5]   US Asset Lifecycle Intelligence
2021 Immersal  Finland Geosystems
2021 CADLM  France Manufacturing Intelligence
2022 ETQ  US Manufacturing Intelligence[29][better source needed]
2022 Innovatia Accelerator[30][better source needed]  Canada Asset Lifecycle Intelligence
2022 Minnovare  Australia Mining[31][better source needed]
2022 iConstruct Pty Ltd  Australia Asset Lifecycle Intelligence[32][better source needed]
2022 PDSA Company Limited  Ghana Geosystems
2023 Qognify  US Safety, Infrastructure & Geospatial[33][better source needed]
2023 CADS Additive  Austria Manufacturing Intelligence[34][better source needed]
2023 Projectmates  US Geosystems[35][better source needed]
2023 Hard-Line[20]   Canada Mining[36]
2024 Xwatch   UK Geosystems[37]
2024 Itus Digital   US Asset Lifecycle Intelligence[38]
2024 Voyansi   US Geosystems[39]

See also

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References

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  1. ^ "Hexagon AB – Company Profile and News – Bloomberg Markets". Bloomberg News.
  2. ^ a b "Hexagon CEO steps down to become chair of the board", Reuters, June 27, 2022, retrieved December 31, 2023
  3. ^ a b c d e f g "Hexagon", Forbes, 2023, retrieved December 31, 2023
  4. ^ "Hexagon | Company Overview & News". Forbes.
  5. ^ a b c d "Sweden's Hexagon buys Infor EAM for $2.7 bln, develops ties with Koch", Reuters, July 13, 2021, retrieved December 31, 2023
  6. ^ a b Johannes Hellstrom, Anna Ringstrom (November 1, 2016), "Hexagon CEO was under arrest during results call, investors unaware", Reuters
  7. ^ a b c "Hexagon Buys Measuring Instrument Business", The New York Times, November 18, 2000
  8. ^ a b Annual Report 2022, Hexagon
  9. ^ a b c "Hexagon raises Leica Geosystems bid", The New York Times, August 16, 2005, retrieved December 31, 2023
  10. ^ a b c Niklas Pollard, Johannes (27 March 2013), "From tuna to tech, Hexagon breaks Swedish mould", Reuters, retrieved December 31, 2023
  11. ^ a b Gwladys Fouche, Terje Solsvik (June 26, 2019), "Hexagon CEO Rollen found not guilty of insider trading in appeals case", Reuters
  12. ^ a b Feldman, Batya (September 4, 2007), "Hexagon buys Israeli 3D optics start-up CogniTens", Globes, retrieved December 31, 2023
  13. ^ a b "Sweden's Hexagon buys Intergraph for $2.1 bln", Reuters, July 7, 2010, retrieved December 31, 2023
  14. ^ a b "Hexagon says to buy Vero Software w FY2013 sales of about EUR 80 mln", Reuters, July 20, 2014, retrieved December 31, 2023
  15. ^ Shanley, Mia (November 4, 2016), "Sweden's clean corporate image dealt blow with insider trading case", Reuters
  16. ^ a b c "Deals of the day-Mergers and acquisitions", Reuters, February 2, 2017, retrieved December 31, 2023
  17. ^ a b "Hexagon acquires U.S. software firm AGTEK", Reuters, March 15, 2018
  18. ^ a b "Swedish Hexagon acquires Spring Technologies", Les Echos, June 20, 2018, retrieved December 31, 2023
  19. ^ a b Mile, Richard (January 10, 2018), "Hexagon CEO acquitted of insider trading charges", Financial Times, retrieved December 31, 2023
  20. ^ a b Sudbury, Ont.-based Hard-Line sells to Swedish multinational, but local jobs will stay, CBC, July 17, 2023, retrieved December 31, 2023
  21. ^ Harnon, Grace (November 20, 2023), "Modernizing Manufacturing: Divergent Raises $230M to Aid Growth", The Los Angeles Business Journal, retrieved December 31, 2023
  22. ^ "annual-report-2022" (PDF).
  23. ^ "What was announced today?" (PDF). 2024-11-11. Retrieved 2024-11-15.{{cite web}}: CS1 maint: url-status (link)
  24. ^ "Industrial tech group Hexagon beats Q1 Forecast", Reuters, April 28, 2023, retrieved December 31, 2023
  25. ^ "Solutions by Ecosystem". hexagon.com. Retrieved 2023-10-31.
  26. ^ "Divisions". hexagon.com. Retrieved 2024-08-12.
  27. ^ "Hexagon's Acquisition of Veripos: Why Did This Go Down? - GPS World". GPS World – The Business and Technology of Global Navigation and Positioning. 2014-04-16. Retrieved 2024-01-30.
  28. ^ "Hexagon | Veripos expands SPAN GNSS+INS portfolio for dynamic positioning – GPS World". GPS World – The Business and Technology of Global Navigation and Positioning. 2022-03-03. Retrieved 2024-01-30.
  29. ^ Hexagon completes the acquisition of ETQ, Hexagon
  30. ^ Hexagon furthers its commitment to innovation in the Operations & Maintenance (O&M) segment with the acquisition of Innovatia Accelerator, Hexagon
  31. ^ Hexagon strengthens its life-of-mine solutions portfolio with the acquisition of Minnovare, Hexagon
  32. ^ Hexagon expands its Smart Digital Reality capabilities across the construction sector with the acquisition of iConstruct, Hexagon
  33. ^ Hexagon AB Acquires Qognify, Qognify
  34. ^ Hexagon enhances its additive manufacturing solutions with the acquisition of CADS Additive, Hexagon
  35. ^ Hexagon strengthens its construction software offering for asset owners with the acquisition of Projectmates, Hexagon
  36. ^ Hexagon strengthens its mining automation and safety solutions with acquisition of HARD-LINE, Hexagon
  37. ^ Hexagon acquires Xwatch to strengthen its construction safety portfolio, Hexagon
  38. ^ Hexagon acquires Itus Digital to expand Asset Performance Management capabilities, Hexagon
  39. ^ Hexagon acquires Voyansi to enhance its BIM solutions portfolio, Hexagon
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