FOR IMMEDIATE RELEASE No. 3282
TOKYO, May 13, 2019 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it will acquire the remaining shares of ICONICS, Inc., a U.S. software company focused on SCADA,*1 IoT, mobile, analytics and cloud software products for the manufacturing, industrial and building-automation markets, to make the company a 100% subsidiary within the Mitsubishi Electric Group. Mitsubishi Electric aims to enhance its software product lineup to realize e-F@ctory,*2 including edge-computing, by combining ICONICS’ software-developing capabilities and Mitsubishi Electric’s factory-automation technology.
The acquisition is subject to regulatory approval and other customary closing conditions, and is expected to close within Mitsubishi Electric’s fiscal year ending in March 2020.
|Company name||ICONICS, Inc.|
|CEO||Russell L. Agrusa|
|CFO||James L. Kent|
|Location||100 Foxborough Boulevard, Foxborough, MA 02035, USA|
|Business||Software development, sales and services of SCADA, IoT and cloud solutions|
As the demand increases for data utilization with IoT technology in manufacturing industries, Mitsubishi Electric─based on its e-F@ctory concept─has been launching software products compatible with the Edgecross*3 platform. ICONICS has been developing and offering competitive software products for various business sectors, such as industrial automation, and it possesses established technology and remarkable knowledge for the development of industrial software for SCADA, IoT, mobile, analytics and cloud-based solutions.
Mitsubishi Electric, through this acquisition, aims to strengthen its development capabilities by integrating ICONICS' engineering skills, expertise and technology for the development of software products to realize e-F@ctory. Going forward, Mitsubishi Electric will provide various types of software products to meet data-utilization needs in manufacturing industries and thereby contribute to improved manufacturing productivity and quality.
Note that the press releases are accurate at the time of publication but may be subject to change without notice.