Hexagon prepares for the spin-off of its Asset Lifecycle Intelligence division and related businesses
Hexagon AB (HEXA B) has announced plans to separate its Asset Lifecycle Intelligence (ALI) division and related businesses through a Lex Asea distribution to shareholders, with an expected listing on a U.S. national securities exchange in early 2026. The new company ('NewCo') will include the expanded perimeter of Safety, Infrastructure & Geospatial (SIG) division, ETQ business, and Bricsys business.
NewCo will operate as a standalone software and SaaS company, led by Mattias Stenberg. As of December 31, 2024, NewCo had approximately 7,200 employees and revenues of EUR 1,448 million with an adjusted operating margin of 31%. The remaining Hexagon business will retain approximately 17,600 employees with revenues of EUR 3,953 million and an adjusted operating margin of 29%.
The separation process is subject to stakeholder approval, regulatory consents, and other conditions, with completion targeted for first half of 2026. A temporary Swedish Depository Receipt programme will be established via Nasdaq Stockholm to facilitate the transition.
Hexagon AB (HEXA B) ha annunciato piani per separare la sua divisione Asset Lifecycle Intelligence (ALI) e le attività correlate attraverso una distribuzione Lex Asea agli azionisti, con una quotazione prevista su una borsa valori nazionale statunitense all'inizio del 2026. La nuova società ('NewCo') includerà l'ampliato perimetro della divisione Safety, Infrastructure & Geospatial (SIG), il business ETQ e il business Bricsys.
NewCo opererà come un'azienda software e SaaS autonoma, guidata da Mattias Stenberg. Al 31 dicembre 2024, NewCo contava circa 7.200 dipendenti e ricavi di 1.448 milioni di EUR con un margine operativo rettificato del 31%. L'attività rimanente di Hexagon manterrà circa 17.600 dipendenti con ricavi di 3.953 milioni di EUR e un margine operativo rettificato del 29%.
Il processo di separazione è soggetto all'approvazione degli stakeholder, ai consensi normativi e ad altre condizioni, con completamento previsto per la prima metà del 2026. Sarà istituito un programma temporaneo di Ricevute di Deposito Svedesi tramite Nasdaq Stockholm per facilitare la transizione.
Hexagon AB (HEXA B) ha anunciado planes para separar su división de Asset Lifecycle Intelligence (ALI) y negocios relacionados a través de una distribución Lex Asea a los accionistas, con una cotización esperada en una bolsa de valores nacional de EE. UU. a principios de 2026. La nueva empresa ('NewCo') incluirá el perímetro ampliado de la división Safety, Infrastructure & Geospatial (SIG), el negocio ETQ y el negocio Bricsys.
NewCo funcionará como una empresa de software y SaaS independiente, liderada por Mattias Stenberg. A 31 de diciembre de 2024, NewCo contaba con aproximadamente 7,200 empleados y unos ingresos de 1,448 millones de EUR con un margen operativo ajustado del 31%. El negocio restante de Hexagon retendrá aproximadamente 17,600 empleados con ingresos de 3,953 millones de EUR y un margen operativo ajustado del 29%.
El proceso de separación está sujeto a la aprobación de los interesados, consentimientos regulatorios y otras condiciones, con la finalización prevista para la primera mitad de 2026. Se establecerá un programa temporal de Recibos de Depósito Suecos a través de Nasdaq Estocolmo para facilitar la transición.
Hexagon AB (HEXA B)는 자산 생애 주기 정보(ALI) 부문과 관련 사업을 주주에게 Lex Asea 배분을 통해 분리할 계획을 발표했으며, 2026년 초에 미국 국가 증권 거래소에 상장될 것으로 예상됩니다. 새로운 회사('NewCo')는 안전, 인프라 및 지리정보(SIG) 부문의 확대된 범위, ETQ 사업 및 Bricsys 사업을 포함할 것입니다.
NewCo는 Mattias Stenberg가 이끄는 독립적인 소프트웨어 및 SaaS 회사로 운영될 것입니다. 2024년 12월 31일 기준으로 NewCo는 약 7,200명의 직원을 보유하고 있으며, 매출은 14억 4,800만 유로, 조정된 운영 마진은 31%입니다. 나머지 Hexagon 사업은 약 17,600명의 직원을 유지하며, 매출은 39억 5,300만 유로, 조정된 운영 마진은 29%입니다.
분리 과정은 이해관계자 승인, 규제 동의 및 기타 조건에 따라야 하며, 2026년 상반기 완료를 목표로 하고 있습니다. 전환을 용이하게 하기 위해 Nasdaq 스톡홀름을 통해 임시 스웨덴 예탁증서 프로그램이 설정될 것입니다.
Hexagon AB (HEXA B) a annoncé des plans pour séparer sa division Asset Lifecycle Intelligence (ALI) et les entreprises associées par le biais d'une distribution Lex Asea aux actionnaires, avec une cotation prévue sur une bourse nationale américaine au début de 2026. La nouvelle entreprise ('NewCo') inclura le périmètre élargi de la division Safety, Infrastructure & Geospatial (SIG), l'activité ETQ et l'activité Bricsys.
NewCo fonctionnera comme une entreprise de logiciels et de SaaS autonome, dirigée par Mattias Stenberg. Au 31 décembre 2024, NewCo comptait environ 7 200 employés et des revenus de 1 448 millions d'EUR avec une marge opérationnelle ajustée de 31 %. L'activité restante de Hexagon conservera environ 17 600 employés avec des revenus de 3 953 millions d'EUR et une marge opérationnelle ajustée de 29 %.
Le processus de séparation est soumis à l'approbation des parties prenantes, aux consentements réglementaires et à d'autres conditions, avec une finalisation prévue pour le premier semestre 2026. Un programme temporaire de reçus de dépôt suédois sera mis en place via Nasdaq Stockholm pour faciliter la transition.
Hexagon AB (HEXA B) hat Pläne angekündigt, seine Abteilung für Asset Lifecycle Intelligence (ALI) und verwandte Geschäfte durch eine Lex Asea-Verteilung an die Aktionäre zu trennen, mit einer erwarteten Notierung an einer nationalen US-Wertpapierbörse Anfang 2026. Das neue Unternehmen ('NewCo') wird den erweiterten Bereich der Abteilung Safety, Infrastructure & Geospatial (SIG), das ETQ-Geschäft und das Bricsys-Geschäft umfassen.
NewCo wird als eigenständiges Software- und SaaS-Unternehmen unter der Leitung von Mattias Stenberg agieren. Zum 31. Dezember 2024 hatte NewCo etwa 7.200 Mitarbeiter und einen Umsatz von 1.448 Millionen EUR mit einer bereinigten Betriebsmarge von 31 %. Das verbleibende Hexagon-Geschäft wird etwa 17.600 Mitarbeiter mit einem Umsatz von 3.953 Millionen EUR und einer bereinigten Betriebsmarge von 29 % behalten.
Der Trennungsprozess unterliegt der Genehmigung der Stakeholder, behördlichen Zustimmungen und anderen Bedingungen, wobei der Abschluss für die erste Hälfte des Jahres 2026 angestrebt wird. Ein vorübergehendes schwedisches Depotreceiptsprogramm wird über die Nasdaq Stockholm eingerichtet, um den Übergang zu erleichtern.
- Clear separation strategy with expanded NewCo perimeter for enhanced synergies
- Strong financial metrics: NewCo EUR 1.4B revenue with 31% margin
- Remaining Hexagon business maintains robust EUR 4B revenue with 29% margin
- Increased flexibility for NewCo to pursue M&A and accelerate SaaS transition
- Significant operational complexity in separation process
- Potential standalone costs impact not yet disclosed
- Execution risks in transitioning to U.S. listing
Insights
Hexagon's planned spin-off of its Asset Lifecycle Intelligence (ALI) division represents a significant strategic restructuring that will fundamentally reshape the company. The expanded spin-off scope now includes the entire Safety, Infrastructure & Geospatial (SIG) division, creating two distinct companies with clearer strategic focus. The resulting NewCo will be a pure-play software and SaaS business with
This separation creates two substantial businesses with distinct value propositions: a software-centric NewCo focusing on asset lifecycle management, and a measurement technology-focused remaining Hexagon generating
The planned U.S. listing for NewCo with temporary Swedish Depository Receipts demonstrates thoughtful consideration for the existing shareholder base while potentially accessing deeper capital markets. This transaction follows the corporate separation playbook that has often created value by allowing specialized management teams to focus on distinct business models and growth strategies without internal competition for capital.
The expanded scope compared to the initial October 2024 announcement suggests the strategic review identified additional synergies and operational benefits that weren't initially apparent, strengthening the business case for the separation.
This spin-off represents classic corporate portfolio optimization, creating two focused enterprises that can pursue distinct strategies with greater agility. The expanded NewCo perimeter signals recognition that the SIG division shares more operational DNA with ALI than with Hexagon's core measurement technology businesses.
For the resulting Hexagon entity, this streamlining creates a more cohesive narrative around measurement technologies, robotics, and digital twins. The slimmed-down structure addresses potential conglomerate discount issues and enables more targeted capital allocation toward measurement technologies and autonomous solutions.
For NewCo, becoming an independent entity brings several advantages beyond strategic focus. As a standalone software/SaaS business, it will likely command valuation multiples more aligned with software peers rather than being valued as part of a diversified technology conglomerate. The planned U.S. listing is particularly strategic given higher software company valuations in U.S. markets.
The
The retirement of SIG's president during this transition represents an opportunity to install leadership fully aligned with the new vision for NewCo, potentially accelerating its transformation once independent.
Reflecting the geographical focus of NewCo's business, Intergraph's heritage as a
"After an extensive review, we remain convinced that a spin-off allows each company to capitalise on their competitive advantages, execute on their increasingly distinct strategies, and leverage their greater agility to accelerate growth and benefit from clear structural tailwinds. We are excited by what's to come for each of these companies as well as the value we believe a spin-off will create for our employees, customers, and shareholders," says Ola Rollén, Chairman of the Board for Hexagon.
NewCo perimeter expanded to include Safety, Infrastructure & Geospatial
After the Board's evaluation, Hexagon has expanded the expected perimeter of NewCo to include the remainder of Hexagon's Safety, Infrastructure & Geospatial ("SIG") division, as opposed to solely the Utilities & Infrastructure business within SIG, as was previously communicated. As before, the NewCo perimeter will include the ETQ business (currently operating under the Manufacturing Intelligence division) and the Bricsys business (currently operating under the Geosystems division).
"The inclusion of SIG in the NewCo perimeter, as well as reflecting a shared history, presents significant financial and operational synergies. SIG's diversified and sticky global customer base expands NewCo's addressable market and adds more software solutions designed to transform complex data into powerful insights and analytics. The expanded NewCo perimeter also means a tighter focus for Hexagon on its core mission, to accelerate our leadership in measurement technologies and develop increasingly autonomous solutions for our customers across all end markets," added Ola Rollén.
NewCo
NewCo will be a pureplay software and SaaS company, offering comprehensive asset lifecycle intelligence, safety, infrastructure, and geospatial capabilities for a wide array of industries. NewCo will leverage best-in-class capabilities across diverse domains, applying them in new ways to deliver previously unrealised market advantages. With a data-centric strategy, NewCo will help customers plan, operate, and maintain assets more effectively, enabling clearer insights and better incident response. As a standalone company, NewCo will also have increased flexibility to pursue its distinct operating strategy, accelerate a SaaS transition and shift to recurring revenues, and establish a separate currency for future M&A. As previously announced, NewCo will be led by Mattias Stenberg who is currently President of Hexagon's ALI division.
"NewCo is uniquely positioned with software and services offerings for both industry and the public sector and the entire organisation is incredibly excited to leverage our scale, product portfolio, and collective expertise to drive the next phase of growth as a standalone company. We're confident that we're ideally placed to capitalise on both organic and inorganic opportunities in the market, and we look forward to what lies ahead." says Mattias Stenberg.
NewCo, including SIG, ETQ and Bricsys, had approximately 7,200 employees as of December 31, 2024, and revenues of approximately
NewCo management changes
Steven Cost has announced his decision to retire from his current position as President of SIG at the end of Q1 2025.
"It has been a privilege leading our division and serving on the group management team during my tenure with Hexagon. I believe the future is great for the NewCo spin-off, and that including the SIG division will be a positive move for our customers and partners." said Steven Cost.
"I would like to thank Steven for his commitment to Hexagon over the last 18 years. I wish him every success and happiness in his retirement", says Ola Rollén.
Hexagon AB
Hexagon is the global leader in measurement technologies, with a comprehensive suite of metrology, reality capture and positioning solutions that connect the physical and the digital worlds. Hexagon remains well positioned to benefit from the accelerated adoption of these technologies, as customers strive to improve the quality, productivity, reliability and accuracy of both their products and operations, in the face of growing sustainability and demographic challenges. Looking forward, Hexagon's focus on robotic sensors and software, 3D digital environments and AI-enhanced analytics will continue to help customers steadily move towards more autonomous solutions, across discrete manufacturing, construction, mining and agriculture end markets.
Excluding NewCo, Hexagon had approximately 17,600 employees as of December 31, 2024, and revenues of approximately
Process details
If approved by relevant stakeholders, it is the board's current expectation that the separation and listing process will be completed in the first half of 2026. Hexagon will provide additional information on the cost of the separation process and other key matters in due course.
The separation, spin-off and listing remain subject to this ongoing process and final approval of the board and shareholders, as well as being subject to other conditions, consents and regulatory approvals. There can be no assurances a separation, spin-off or listing will occur.
For further information, please contact:
Tom Hull, Head of Investor Relations, Hexagon AB, +44 7442 678 437, ir@hexagon.com
Anton Heikenström, Investor Relations Manager, Hexagon AB, +46 8 601 26 26, ir@hexagon.com
Hexagon is the global leader in precision technologies at any scale. Our digital twins, robotics and AI solutions are transforming the industries that shape our reality.
Hexagon (Nasdaq Stockholm: HEXA B) has approximately 24,800 employees in 50 countries and net sales of approximately
Important information:
This communication does not constitute an offer to exchange, sell or buy securities. There shall not be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
This communication contains forward-looking statements. When used in this communication, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including technological advances in the measurement field, product demand and market acceptance, the effect of economic conditions, the impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of Hexagon's management as of the date made with respect to future events and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by Hexagon's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. Hexagon disclaims any intention or obligation to update these forward-looking statements. Forward-looking statements are not guarantees of future performance and the actual results of Hexagon's operations and the development of the markets and the industry in which Hexagon operates or other outcomes suggested by such forward-looking statements (including any outcomes of a separation, a spin-off or a listing and any related business, financial, tax, regulatory or other implications, or differences between the existing ALI division and any separated business) may differ materially from those described in, or suggested by, the forward-looking statements contained in this communication.
i As all details about NewCo are subject to change as preparation for the spin-off progresses, the actual results of NewCo, and Hexagon excluding NewCo, may vary from the figures reflected herein, for reasons including but not limited to potential changes in accounting standards and the inclusion of stand-alone costs.
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