Rockwell Automation Inc. ROK, -0.10% announced Friday an agreement to buy Michigan-based privately held software-as-a-service smart manufacturing platform company Plex Systems for $2.22 billion in cash. The deal, which will be financed with a combination of cash and debt, is expected to be completed in Rockwell's fourth quarter. Plex offers a multi-tenant SaaS manufacturing platform, including advanced manufacturing execution systems, quality and supply-chain management capabilities.
It has more than 700 customers and manages more than eight billion transactions per day."Combining Plex's cutting-edge cloud technology with Rockwell's existing software portfolio and domain expertise will add customer value and create more ways to win," said Rockwell Chief Executive Blake Moret."The acquisition will also accelerate our software revenue growth and strengthen our annual recurring revenue streams.
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