DOWNERS GROVE, Ill., Jan. 6, 2021 /PRNewswire/ -- Dover (NYSE: DOV) announced today that it has completed the acquisition of Innovative Control Systems, Inc. ("ICS"), a leading provider of car wash controllers, payment terminals, point-of-sale and wash site management software solutions. ICS is now part of Dover's Fueling Solutions segment.
Headquartered in Bethlehem, Pennsylvania, and employing more than 150 people, ICS has served the carwash industry for over 30 years. ICS is recognized in the marketplace for its strong engineering and reliability, high levels of customer service, and innovative solutions.
The addition of ICS expands Dover's participation in the secularly-growing vehicle wash market and enhances Dover's offerings, business mix and recurring revenue stream with high-value hardware and software solutions critical to vehicle wash workflows and operations. A scaled-up vehicle wash platform within Dover is expected to drive growth and efficiencies by cross-leveraging Dover's and ICS' go-to-market channels in vehicle wash and convenience retail markets, as well as aftermarket support infrastructure.
"This acquisition is fully aligned with the growth strategy we outlined during our analyst and investor meeting focused on Dover's Fueling Solutions segment in November 2020. With the increasing popularity of automatic car washes among convenience retailers and independent operators, we continue to view the broader vehicle wash solutions market as an attractive and logical adjacency for our Fueling Solutions segment," said Richard J. Tobin, Dover's President and Chief Executive Officer.
"We are excited to bring together ICS' innovative solutions, brand recognition and vertical software capabilities, and Dover's scale, global reach and customer support capability in the convenience retail and vehicle wash markets. We look forward to welcoming the talented team from ICS," said Kevin Long, President of OPW, one of Fueling Solutions' business units, which operates Dover's vehicle wash business platform.
Terms of the transaction were not disclosed.
Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale, operational agility, world-class engineering capability and customer intimacy to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of over 23,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at www.dovercorporation.com.
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.