PAS Global to be Acquired by Hexagon AB
Combined Company Creates a Powerhouse for Managing the Industrial Lifecycle
HOUSTON, Nov. 4, 2020 /PRNewswire/ -- PAS Global, LLC (PAS), the OT Integrity company, today announced it has agreed to be acquired by Hexagon AB (Hexagon), a global leader in sensor, software, and autonomous solutions.
With the combination of PAS and Hexagon, customers will benefit from a comprehensive software portfolio to manage the industrial lifecycle from plant design and maintenance, to real-time situation awareness in the control room, cybersecurity risk management, and industrial digital transformation. PAS also complements and significantly extends Hexagon's global customer footprint in the process industries.
"Since 1993, PAS has delivered solutions that help industrial organizations improve process safety and profitability," said PAS Founder and CEO Eddie Habibi. "As cyber risk in the industrial sector has grown, we have remained true to our mission by expanding our capabilities to further protect operational technology (OT) and have been recognized as a leading cyber asset management company. Now, PAS and Hexagon together will be a powerhouse solution provider for managing the entire industrial lifecycle."
"Hexagon is committed to a mission of empowering the autonomous future by putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications," said Hexagon PPM President Mattias Stenberg. "The strategic acquisition of PAS will expand our owner operator market presence and broaden our capabilities by extending Hexagon solutions to operational risk management and operational technology cybersecurity."
"We have long admired Hexagon's technology portfolio and team," Habibi added. "There is strong technology and cultural fit across our two organizations, and we are excited to join forces with Hexagon to deliver more value to customers and empower the autonomous future."
The acquisition represents a new cybersecurity-focused business segment within Hexagon's PPM division, which will also provide opportunities with other Hexagon divisions. The process safety solutions brought to Hexagon from PAS will be integrated into the PPM owner operator line of business.
Completion of the transaction (closing) is subject to standard regulatory approvals.
Stifel Global Technology Group acted as exclusive financial advisor and Vinson & Elkins LLP provided legal representation to PAS Global in connection with this transaction.
About PAS Global, LLC
PAS Global, the OT Integrity company, delivers software solutions that prevent, detect, & remediate cyber threats; reduce process safety risks and optimize profitability; and enable trusted data for decision-making. With operations in over 70 countries, PAS helps many of the world's leading industrial organizations ensure OT Integrity from the sensor to the cloud – including 13 of the top 15 refining, 13 of the top 15 chemical, 4 of the top 5 pulp and paper, 3 of the top 5 mining, and 7 of the top 20 power generation companies. PAS was recently named the #1 Global Provider of Safety Lifecycle Management and #1 Alarm Management Provider by ARC Advisory Group and is named as a Representative Vendor by Gartner for OT Network Monitoring and Visibility and OT Endpoints Security. For more information, visit www.pas.com. Connect with PAS on Twitter @PASGlobal and LinkedIn.
Logo - https://mma.prnewswire.com/media/380080/PAS_Inc_Logo.jpg
Share this article