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]
 | |
| Company type | Public (Aktiebolag) |
|---|---|
| Nasdaq Stockholm: HEXA B OMX Stockholm 30 component | |
| ISIN | SE0015961909[1] |
| Industry | CAD/CAM Software, Electronics, Enterprise Software, Geographic Information Systems (GIS), Software, Technology, Technology Consulting. |
| Founded | 1975 |
| Headquarters | Stockholm, Sweden |
Area served | Worldwide |
Key people | Paolo Guglielmini, CEO Ola Rollén, Chairman[2] |
| Revenue |  5.2 bn EUR (2022) |
| 1,517.8 MEUR (2022) | |
| Total assets | 16,477.0 MEUR (2022) |
Number of employees | 24,000 (2022)[3][4] |
| Website | Hexagon.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
It has been suggested that this section be split out into another article titled List of Hexagon AB subsidiaries and acquisitions. (Discuss) (December 2023) |
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
- ^ "Hexagon AB - Company Profile and News - Bloomberg Markets". Bloomberg News.
- ^ a b "Hexagon CEO steps down to become chair of the board", Reuters, June 27, 2022, retrieved December 31, 2023
- ^ a b c d e f g h "Hexagon", Forbes, 2023, retrieved December 31, 2023
- ^ "Hexagon | Company Overview & News". Forbes.
- ^ 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
- ^ a b Johannes Hellstrom, Anna Ringstrom (November 1, 2016), "Hexagon CEO was under arrest during results call, investors unaware", Reuters
- ^ a b c "Hexagon Buys Measuring Instrument Business", The New York Times, November 18, 2000
- ^ a b Annual Report 2022, Hexagon
- ^ a b c "Hexagon raises Leica Geosystems bid", The New York Times, August 16, 2005, retrieved December 31, 2023
- ^ a b c Niklas Pollard, Johannes (27 March 2013), "From tuna to tech, Hexagon breaks Swedish mould", Reuters, retrieved December 31, 2023
- ^ a b Gwladys Fouche, Terje Solsvik (June 26, 2019), "Hexagon CEO Rollen found not guilty of insider trading in appeals case", Reuters
- ^ a b Feldman, Batya (September 4, 2007), "Hexagon buys Israeli 3D optics start-up CogniTens", Globes, retrieved December 31, 2023
- ^ a b "Sweden's Hexagon buys Intergraph for $2.1 bln", Reuters, July 7, 2010, retrieved December 31, 2023
- ^ a b "Hexagon says to buy Vero Software w FY2013 sales of about EUR 80 mln", Reuters, July 20, 2014, retrieved December 31, 2023
- ^ Shanley, Mia (November 4, 2016), "Sweden's clean corporate image dealt blow with insider trading case", Reuters
- ^ a b c "Deals of the day-Mergers and acquisitions", Reuters, February 2, 2017, retrieved December 31, 2023
- ^ a b "Hexagon acquires U.S. software firm AGTEK", Reuters, March 15, 2018
- ^ a b "Swedish Hexagon acquires Spring Technologies", Les Echos, June 20, 2018, retrieved December 31, 2023
- ^ a b Mile, Richard (January 10, 2018), "Hexagon CEO acquitted of insider trading charges", Financial Times, retrieved December 31, 2023
- ^ a b Sudbury, Ont.-based Hard-Line sells to Swedish multinational, but local jobs will stay, CBC, July 17, 2023, retrieved December 31, 2023
- ^ Harnon, Grace (November 20, 2023), "Modernizing Manufacturing: Divergent Raises $230M to Aid Growth", The Los Angeles Business Journal, retrieved December 31, 2023
- ^ "annual-report-2022" (PDF).
- ^ "Industrial tech group Hexagon beats Q1 Forecast", Reuters, April 28, 2023, retrieved December 31, 2023
- ^ "Solutions by Ecosystem". hexagon.com. Retrieved 2023-10-31.
- ^ "Divisions". hexagon.com. Retrieved 2022-07-20.
- ^ "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.
- ^ "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.
- ^ Hexagon completes the acquisition of ETQ, Hexagon
- ^ Hexagon furthers its commitment to innovation in the Operations & Maintenance (O&M) segment with the acquisition of Innovatia Accelerator, Hexagon
- ^ Hexagon strengthens its life-of-mine solutions portfolio with the acquisition of Minnovare, Hexagon
- ^ Hexagon expands its Smart Digital Reality capabilities across the construction sector with the acquisition of iConstruct, Hexagon
- ^ Hexagon AB Acquires Qognify, Qognify
- ^ Hexagon enhances its additive manufacturing solutions with the acquisition of CADS Additive, Hexagon
- ^ Hexagon strengthens its construction software offering for asset owners with the acquisition of Projectmates, Hexagon
- ^ Hexagon strengthens its mining automation and safety solutions with acquisition of HARD-LINE, Hexagon