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Allegion plc (NYSE: ALLE) has signed a definitive agreement to acquire the assets of plano, a Germany-based software-as-a-service (SaaS) workforce management solution provider. This acquisition is expected to close in Q1 2023, enhancing Allegion's Interflex brand with new SaaS capabilities and bolstering its recurring revenue strategy. The deal aims to strengthen Allegion's market presence in workforce management across sectors such as healthcare and retail. The specific financial terms of the transaction remain undisclosed.
Positive
Acquisition of plano enhances Allegion's workforce management capabilities and SaaS offerings.
Strengthens Allegion's position in attractive markets like healthcare, banking, and retail.
Expected to drive recurring revenue growth through integration with Interflex.
Negative
None.
DUBLIN--(BUSINESS WIRE)--
Allegion plc (NYSE: ALLE), a leading global security products and solutions provider, has, through one of its subsidiaries, signed a definitive agreement to acquire assets of plano. group (“plano”), a software-as-a-service (SaaS) workforce management solution. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
Based in Germany, plano has been a long-time service provider and development partner for Allegion’s leading European workforce management brand, Interflex, and its SP-EXPERT software platform. Following the close of the acquisition, plano will continue to serve advanced workforce management (AWFM) customers as part of the Interflex portfolio.
Interflex General Manager Bernhard Sommer said this acquisition will accelerate seamless access, driving expansion of Interflex and its AWFM business with new capabilities in SaaS models and recurring revenue solutions.
“This strategic acquisition represents a significant expansion of our position as a market leader in workforce management while underscoring our commitment to growth and meeting customer needs through investment in software solutions,” Sommer said. “It will add mobile-first software engineering talent to our business, while deepening our presence in attractive end-user markets like healthcare, banking and insurance, call centers, retail and municipal government services. At the same time, it will fuel expansion for the plano software platform and offer a broader suite of services to both plano and Interflex customers.”
The founder of the plano business, Robert Schüler, will join Interflex, helping ensure a smooth integration and driving progress of the AWFM software business strategy.
“This acquisition will be a natural evolution for plano, providing important capital, scale and demand generation resources,” Schüler said. “Our longstanding relationship with Interflex will support an efficient transition that benefits our customers and builds on our mutual reputations of both quality and excellence.”
The agreement to acquire plano follows another recent investment in Interflex’s AWFM business – Allegion’s 2021 acquisition of assets of Astrum Benelux B.V. (Belgium) and WorkforceIT B.V. (the Netherlands).
Terms of the plano transaction were not disclosed.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including statements regarding the continued impacts of the global COVID-19 pandemic, supply chain constraints, electronic component and labor shortages, inflation, rising freight and material costs, impacts of Russia’s invasion of Ukraine including further supply chain disruptions and the increased risk of cyber-attacks in connection with such invasion, the company's 2022 financial performance, the company’s business plans and strategy, the company’s growth strategy, the company’s capital allocation strategy, the company’s tax planning strategies, and the performance of the markets in which the company operates. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. Forward-looking statements may relate to such matters as projections of revenue, margins, expenses, tax provisions, earnings, cash flows, benefit obligations, dividends, share purchases or other financial items; any statements of the plans, strategies and objectives of management for future operations, including those relating to any statements concerning expected development, performance or market share relating to our products and services; any statements regarding future economic conditions or our performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. These statements are based on the company's currently available information and our current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties - many of which are beyond the company’s control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the company's business is included in filings it makes with the Securities and Exchange Commission from time to time, including its Form 10-K for the year ended Dec. 31, 2021, Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and Sept. 30, 2022, and in its other SEC filings. The company undertakes no obligation to update these forward-looking statements.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and institutions. Allegion had $2.9 billion in revenue in 2021, and its security products are sold around the world.
