Trane Technologies, a global climate innovator, announced that it has signed a definitive agreement to acquire Nuvolo, a global leader in modern, cloud-based connected workplace and enterprise asset management products and solutions.
Built on the ServiceNow Platform, Nuvolo Connected Workplace helps customers modernize facilities management, optimize spaces, and manage the full lifecycle of enterprise assets utilizing a single solution. The acquisition will bring together the companies’ complementary capabilities, technology, offerings, and customer bases across shared key verticals, including healthcare, life sciences, retail, public sector, education and more.
“Nuvolo is an outstanding fit with Trane Technologies’ strategy to broaden the impact of our climate leadership and innovate for sustainability,” said Paul Camuti, executive vice president and chief technology and sustainability officer of Trane Technologies. “With this acquisition, we see an opportunity to accelerate Nuvolo’s global growth and unlock new value and offerings for our respective customers and partners. We look forward to welcoming the talented Nuvolo team as we further expand our digital leadership with cloud-based solutions and services that help our customers achieve their decarbonization and workplace transformation goals. This bolt-on acquisition follows our proven model of adding leading technologies that augment our core business and scaling them to deliver strong returns over time.”
Nuvolo Founder and CEO Tom Stanford will join Trane Technologies in a leadership role and will continue to lead the Nuvolo business and team of approximately 250 global associates.
“Following a decade of innovation and growth, we dedicated ourselves to finding an extraordinary partner aligned with our core values and future vision, who could take Nuvolo to the next stage of development,” said Tom Stanford, Nuvolo founder and CEO. “We are thankful to have found that partner in Trane Technologies. As a global decarbonization pioneer, Trane Technologies shares our commitment to innovation, forward thinking and a relentless commitment to customer-focused solutions. We are proud to be part of the Trane Technologies family, and excited about the next phase of growth with this new partnership.”
The transaction is subject to regulatory approval, with closing expected in the fourth quarter of 2023. Goldman Sachs & Co. LLC served as the financial advisor to Trane Technologies on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Trane Technologies. Cooley LLP served as legal advisor to Nuvolo. Additional details of the transaction were not disclosed.