Leading Industrial Technology Conglomerate Fortive Acquires Hourly Worker Human Resources Tool, TeamSense

Rhea-AI Summary

On September 9, 2021, Fortive Corporation (NYSE: FTV) announced the acquisition of TeamSense, a text-based HR tool for hourly workers, originally launched in July 2020. TeamSense is the first spinout from a joint innovation studio with Pioneer Square Labs. This acquisition enhances Fortive's portfolio, which includes over 20 companies in the industrial technology sector. TeamSense aims to improve workforce engagement and operational efficiency for companies employing hourly workers.

Positive

• Fortive expands its portfolio with the acquisition of TeamSense, enhancing its HR technology offerings.
• TeamSense's app-free solution targets an underserved segment of the workforce, potentially leading to new market opportunities.
• The acquisition allows TeamSense to focus on innovation without the need for external VC funding.

Negative

• None.

SEATTLE, Sept. 9, 2021 /PRNewswire/ -- After a successful launch as a COVID symptom tracker tool for the hourly workforce on July 1, 2020, TeamSense, the leading app-free, text-based human resources tool for hourly workers in the manufacturing space was acquired on July 7, 2021 by the Fortive Corporation ("Fortive") (NYSE: FTV). TeamSense is the first spinout company from a joint innovation studio created by Seattle, Washington-based Pioneer Square Labs and Everett, Washington headquartered Fortive. Adding to its portfolio of more than 20 companies, TeamSense joins similar Fortive companies such as Fluke, Textronix and Industrial Scientific. 

"Our mission at TeamSense is to support, engage and enable the hourly employee" - Sheila Stafford CEO and Co-founder

"At the height of the pandemic, we empowered a small team of manufacturing veterans to quickly develop and scale a brilliant app-free, COVID-19 symptom-tracker for essential hourly workers", said Kirsten Paust, Vice President of Fortive Business System Office. "Because they knew the factory workers' needs so well, it was incredibly successful and evolved into a digital suite of app-free tools. TeamSense now tracks attendance, provides an on-demand ESS portal, and more. At a time in history where 90% of workplace tech innovations serve the 20% of the workforce that is office-bound, TeamSense is bringing tech to the 80% of the workforce who really need it and are overdue for their share."

"From my days at Whirlpool, and GM, I had firsthand knowledge of the inner workings of a manufacturing operation. It was clear; there is a large opportunity to innovate for the hourly-employee - on their terms. Our mission at TeamSense is to support, engage and enable the hourly employee - an often-overlooked segment of the workforce with innovation that works for the way they work," said Sheila Stafford, CEO and Cofounder of TeamSense. "Now that we are officially part of Fortive, we can be laser focused on delivering on our mission,  as opposed to securing our next round of VC investment."

About TeamSense: TeamSense is the leading non-app, text-based digital platform tool developed to manage hourly workers by manufacturing veterans whose understanding of what keeps a factory running makes it the #1 choice for multinational employers from Hunter Douglas to Pella Windows. Based in Everett, Washington, TeamSense is wholly owned by Fortive, a leader in industrial technology.

About Fortive: Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive's strategic segments - Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions - include well-known brands with leading positions in their markets. The company's businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 17,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company's operating model is the Fortive Business System. For more information please visit: www.fortive.com.

Press Contacts:

TEAMSENSE: 
Alyson Dutch / Carol Levey, Brown + Dutch PR, Inc.
alyson@bdpr.com, carol@bdpr.com
310.456.71541

FORTIVE:
Griffin Whitney
Vice President, Investor Relations
Fortive Corporation 
425.466.5000

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SOURCE TeamSense

FAQ

When did Fortive acquire TeamSense?

Fortive acquired TeamSense on July 7, 2021.

What is the purpose of Fortive's acquisition of TeamSense?

The acquisition aims to enhance Fortive's HR technology offerings for the hourly workforce.

How does TeamSense contribute to Fortive's business strategy?

TeamSense provides a text-based platform that supports and engages hourly employees, aligning with Fortive's focus on industrial technology.

What impact will the acquisition have on Fortive's stock (FTV)?

While specific financial impacts are not detailed, the acquisition is likely aimed at expanding market reach and revenue potential, which could positively affect FTV in the long term.