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Hexagon AB

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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]

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

History edit

1975-2012 edit

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 edit

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 edit

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]

Products and services edit

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."[23] 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.[24][non-primary source needed]

Divisions edit

Hexagon AB has two overall business segments: Geospatial Enterprise Solutions, and Industrial Enterprise Solutions.[3] The company is further organized into divisions, listing eight internal divisions on its website: Agriculture, Asset Lifecycle Intelligence, Autonomy & Positioning, Geosystems, Manufacturing Intelligence, Mining, Safety, Infrastructure & Geospatial, and Xalt Solutions.[25][non-primary source needed]

List of acquisitions and subsidiaries edit

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[26] Autonomy & Positioning[27]
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]    United Kingdom 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   United Kingdom 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   United Kingdom Manufacturing Intelligence
2020 PAS Global   US Asset Lifecycle Intelligence 
2020 Tacticaware   Czech Republic Geosystems 
2020 ESPRIT CAM   US Manufacturing Intelligence
2020 CAEfatigue   United Kingdom 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[28][better source needed]
2022 Innovatia Accelerator[29][better source needed]   Canada Asset Lifecycle Intelligence 
2022 Minnovare   Australia Mining[30][better source needed]
2022 iConstruct Pty Ltd   Australia Asset Lifecycle Intelligence[31][better source needed]
2022 PDSA Company Limited   Ghana Geosystems 
2023 Qognify   United States Safety, Infrastructure & Geospatial[32][better source needed]
2023 CADS Additive   Austria Manufacturing Intelligence[33][better source needed]
2023 Projectmates   United States Geosystems[34][better source needed]
2023 Hard-Line[20]    Canada Mining[35]

See also edit

References edit

  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 h "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. ^ "Industrial tech group Hexagon beats Q1 Forecast", Reuters, April 28, 2023, retrieved December 31, 2023
  24. ^ "Solutions by Ecosystem". hexagon.com. Retrieved 2023-10-31.
  25. ^ "Divisions". hexagon.com. Retrieved 2022-07-20.
  26. ^ "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.
  27. ^ "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.
  28. ^ Hexagon completes the acquisition of ETQ, Hexagon
  29. ^ Hexagon furthers its commitment to innovation in the Operations & Maintenance (O&M) segment with the acquisition of Innovatia Accelerator, Hexagon
  30. ^ Hexagon strengthens its life-of-mine solutions portfolio with the acquisition of Minnovare, Hexagon
  31. ^ Hexagon expands its Smart Digital Reality capabilities across the construction sector with the acquisition of iConstruct, Hexagon
  32. ^ Hexagon AB Acquires Qognify, Qognify
  33. ^ Hexagon enhances its additive manufacturing solutions with the acquisition of CADS Additive, Hexagon
  34. ^ Hexagon strengthens its construction software offering for asset owners with the acquisition of Projectmates, Hexagon
  35. ^ Hexagon strengthens its mining automation and safety solutions with acquisition of HARD-LINE, Hexagon

External links edit

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