Trane Technologies Completes Acquisition of Connected Workplace and Enterprise Asset Management Leader Nuvolo

Rhea-AI Summary

Trane Technologies has completed the acquisition of Nuvolo, a global leader in cloud-based workplace and asset management solutions. The acquisition expands Trane Technologies' digital capabilities and aims to meet the growing demand for modern workplace solutions.

SWORDS, Ireland--(BUSINESS WIRE)-- Trane Technologies (NYSE: TT), a global climate innovator, has completed the acquisition of Nuvolo, a global leader in modern, cloud-based connected workplace and enterprise asset management products and solutions. The acquisition was previously announced in a press release on October 2, 2023.

The acquisition expands Trane Technologies’ software-as-a-service (SaaS) and digital capabilities to meet fast-growing demands for modern workplace and asset management solutions. Nuvolo Connected Workplace, built on the ServiceNow™ Platform, helps customers modernize facilities management, optimize spaces, and manage the full lifecycle of enterprise assets utilizing a single solution.

“We are delighted to officially welcome Nuvolo associates and begin the exciting work of building on our companies’ complementary capabilities, technology and offerings,” said Paul Camuti, executive vice president and chief technology and sustainability officer of Trane Technologies. “Together, we look forward to accelerating Nuvolo’s global growth and bringing expanded world-class digital solutions to our global customers and partners that help them achieve their decarbonization and workplace transformation goals.”

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechologies.com.

About Nuvolo

Nuvolo is the global leader in modern, cloud-based connected workplace solutions, built on ServiceNow. Nuvolo provides a single platform to manage all people, all physical locations, all assets, and all work across the business. Industries served include healthcare, life sciences, retail, public sector, higher education, technology, financial services, and enterprise. Nuvolo is headquartered in Wellesley, MA, with a global workforce located throughout North America, Europe, and Asia. Learn more at nuvolo.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to the acquisition of Nuvolo and the anticipated impact of the transaction on the Company’s strategic initiatives and sustainability commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2022, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231103526265/en/

Media Contact:

Shelby Hansen

+1-925-336-0496

Shelby.Hansen@tranetechnologies.com

Investors Contact:

Zachary Nagle

+1-704-990-3913

InvestorRelations@tranetechnologies.com

Source: Trane Technologies

FAQ

What is the recent acquisition completed by Trane Technologies?

Trane Technologies has acquired Nuvolo, a global leader in cloud-based workplace and asset management solutions.

What are the benefits of this acquisition for Trane Technologies?

The acquisition expands Trane Technologies' digital capabilities and allows them to meet the increasing demand for modern workplace solutions.

What platform is Nuvolo Connected Workplace built on?

Nuvolo Connected Workplace is built on the ServiceNow Platform.

What are the goals of Trane Technologies and Nuvolo after the acquisition?

Trane Technologies aims to accelerate Nuvolo's global growth and provide expanded digital solutions to their customers and partners.