Honeywell in $142m swoop for Matrikon

London - Honeywell is to acquire Canadian software company Matrikon Inc. for $142 million, in a move intended to strengthen its position in the oil & gas and power sectors, and in certain global regions.

Matrikon is be integrated into Honeywell Process Solutions, which is part of Honeywell’s Automation and Control Solutions business group. The transaction, however, remains subject to approval by Matrikon’s shareholders.

Since its establishment in 1988, Matrikon has built up a solid client base for its technologies to manage production, optimise operations and monitor assets at industrial plants including oil and gas, refining, energy, power and mining companies. It has a current turnover of of around $80m.

The companies, said Honeywell, have complementary applications that monitor oil and gas well performance and mining equipment, as well as supply chain systems for mining. It also sees synergies in the process safety areas, particularly cyber-security and alarm management.

“Our industrial customers want their plants to run well in any economy, and Matrikon’s products help do that,” said Norm Gilsdorf, president of Honeywell Process Solutions. “Combining Matrikon’s technology and expertise with Honeywell’s industrial platform expands our offering to help customers continue to improve plant performance.”

Matrikon president and CEO Nizar Somji added: “We believe that the path we embarked on with our next generation technology and our product and solution strategy blends well with Honeywell’s technology vision. This will enable our talented workforce to continue to realise global opportunities for large scale solution deployments and will provide the foundation to support our vision of long-term technology partnerships with customers.”