Hexagon AB
TypePublic (Aktiebolag)
Nasdaq Stockholm: HEXA B
OMX Stockholm 30 component
ISINSE0015961909[1]
IndustryCAD/CAM Software, Electronics, Enterprise Software, Geographic Information Systems (GIS), Software, Technology, Technology Consulting.
Founded1975 (1975)
HeadquartersStockholm, Sweden
Area served
Worldwide
Key people
Paolo Guglielmini, CEO
Ola Rollén, Chairman[2]
RevenueIncrease 5.2 bn EUR (2022)
Increase 1,517.8 MEUR (2022)
Total assetsIncrease16,477.0 MEUR (2022)
Number of employees
24,000 (2022)[3][4]
WebsiteHexagon.com

Hexagon AB is a multinational industrial technology company.[5] Headquartered in Stockholm, Sweden[3] and publicly traded on the Nasdaq Stockholm exchange,[6] the company since 2000 has had a particular focus on measuring technology[7] and geospatial tools and software.[3] After its founding, between 2000 and 2022, Hexagon completed more than 170 acquisitions,[8] and it is the parent company of Leica Geosystems[9] and Infor EAM, among other subsidiaries.[5] With around 24,000 employees, Hexagon's revenue in 2023 was US$5.5 billion, while assets were $18.1 billion.[3]

History

1975-2012

Headquartered in Stockholm, Sweden, the predecessor company of Hexagon AB was founded on August 29, 1975.[3] The company was described as a "sprawling conglomerate" investing in diverse industries, for example seafood imports, vehicle hydraulics, and day-care centers. Financier Melker Schörling bought a controlling stake in the company in 1998, and aimed to focus the company's investments.[10]

In 2000,[11] Ola Rollén, former CEO of Kanthal, was appointed by Schörling to be CEO of Hexagon AB. The company began acquiring companies focused on precision measurement technology and software, and divesting in other areas.[10] In late 2001, Hexagon AB agreed to buy Brown & Sharpe, a Swedish company focused on metrological tools, for around US$180 million.[7] Hexagon AB also acquired Leica Geosystems[10] after counter-bidding against Danaher for the company in 2005.[9] Hexagon AB acquired the Israel-based 3D optics company CogniTens Ltd in 2007.[12] The software company Intergraph was acquired by Hexagon AB in July 2010 for US$2.1 billion.[13]

2013-2021

Hexagon AB acquired Vero Software in 2014.[14] In 2016, the top five shareholders in Hexagon included Schörling, Ramsbury Invest, SSB CI Omnibus, Swedbank Robur Fonder and JPM Chase. Schorling served as chairman,[6] although he stepped down in October 2016 due to health issues.[15] Hexagon purchased MSC Software for US$834 million in 2017, using the acquisition to boost its portfolio of products related to automated manufacturing.[16] In 2018, Hexagon acquired both AGTEK[17] and Spring Technologies SAS.[18]

In 2016, Hexagon's CEO Ola Rollén was detained in Sweden over allegations of insider trading. The transaction did not involve Hexagon and he continued to serve as CEO of Hexagon. Rollén was acquitted in 2018,[19] then again found not guilty by an Oslo appeals court in 2019.[11] Hexagon acquired Infor EAM, a program developed by Infor, from Koch in 2021. Hexagon paid US$800 million in cash and shares worth $1.95 billion for the purchase, giving Koch a 5% stake in Hexagon.[5]

2022-2024

Ola Rollén stepped down as Hexagon CEO at the end of 2022, becoming chairman of the board. Former COO Paolo Guglielmini became president and CEO.[2] Hexagon purchased Hard-Line, a radio system company based in Ontario, in July 2023,[20] and in November 2023, Hexagon led a US$230 million funding round in the industrial AI company Divergent Technologies.[21] Hexagon's revenues in 2023 were US$5.5 billion. Assets were $18.1 billion, profits were $1.1 billion, and the company listed 24,000 employees[3] in 50 countries.[22]

Products and services

Hexagon is a technology and software firm[16] known for specializing in measurement and positioning systems.[3][19] According to Reuters in 2023, Hexagon's products are used for "measurement and quality inspection in manufacturing processes and engineering plant design, as well as in infrastructure planning, construction, mining, agriculture and energy."[23] With Hexagon developing what it calls "ecosystems" of software programs and technologies for specific purposes, in 2023, the company's official website stated it sold products catered to the following industries: autonomous mobility, buildings, cities and nations, defense, farms, industrial facilitates, infrastructure, manufacturing, and mines.[24]

Divisions

Hexagon AB has two overall business segments: Geospatial Enterprise Solutions, and Industrial Enterprise Solutions.[3] The company is further organized into divisions, listing eight internal divisions on its website: Agriculture, Asset Lifecycle Intelligence, Autonomy & Positioning, Geosystems, Manufacturing Intelligence, Mining, Safety, Infrastructure & Geospatial, and Xalt Solutions.[25]

List of acquisitions and subsidiaries

Between 2000 and 2022, Hexagon completed more than 170 acquisitions.[8] The following table lists major acquisitions by year, also noting the division of Hexagon AB that the acquisition was made a part of. 

 
YearCompanyCountryHexagon division
2000Cubic-Tavleproduktion Denmark 
2000Wilcox & Associates USManufacturing Intelligence
2000HTR Hydrauliikka Finland 
2001Brown & Sharpe[7]  USManufacturing Intelligence
2002MIRAI S.R.L Italy 
2002Quality Ltda Brazil 
2002CE Johansson SwedenManufacturing Intelligence
2002Xygent USManufacturing Intelligence
2002GFD Technology Germany 
2004Korea ErFa Systems Eng - Business South Korea 
2004Romer FranceManufacturing Intelligence
2004GPD Sprl - Assets Italy 
2004Thona Group Belgium 
2005Trostel SEG US 
2005Leica Geosystems[9]  SwitzerlandGeosystems 
2006Mikrofyn DenmarkGeosystems 
2007Gesswein Germany 
2007Agatec SAS France 
2007Jingjiang Measuring Tool Company ChinaManufacturing Intelligence
2007Transmetal Turkey 
2007Allen Precision Equipment USGeosystems
2007NovAtel CanadaAutonomy & Positioning
2007Elcome Technologies IndiaGeosystems
2007Gold Key Processing US 
2007Ionic Software Belgium 
2007Earth Resource Mapping Australia 
2007GAMFI International France 
2007Svensk ByggnadsGeodesi SwedenGeosystems
2007CogniTens Ltd[12] IsraelManufacturing Intelligence
2008Messtechnik Wetzlar GermanyManufacturing Intelligence
2008Santiago & Cintra Ibérica Spain 
2008m&h Group GermanyManufacturing Intelligence
2008Viewserve SwedenGeosystems
2008Serein Metrology USManufacturing Intelligence
2009Technodigit FranceManufacturing Intelligence
2009Mahr Multisensor GmbH Germany 
2009MYCRONA GmbH Germany 
2010Intergraph[13]  USSafety, Infrastructure & Geospatial/
Asset Lifecycle Intelligence 
2012Microsurvey CanadaGeosystems 
2012myVR Norway CORP 
2012GTA Geoinformatik Germany 
2013Pixis ChileAsset Lifecycle Intelligence
2013Airborne Hydrography AB SwedenGeosystems 
2013Devex BrazilMining
2013Navgeocom RussiaGeosystems 
2013LISTECH AustraliaGeosystems 
2013New River Kinematics (NRK) USManufacturing Intelligence
2013MANFRA BrazilGeosystems
2014Veripos  UK[26]Autonomy & Positioning[27]
2014Aibotix GermanyGeosystems 
2014HostSure IrelandAsset Lifecycle Intelligence 
2014iLab Brazil VEN
2014Mintec USMining
2014North West Geomatics Ltd. (North West Group) CanadaGeosystems
2014SAFEmine  SwitzerlandMining
2014Arvus Brazil iHub
2014Vero Software[14]  United KingdomManufacturing Intelligence 
2015Ecosys USAsset Lifecycle Intelligence 
2015Q-DAS GermanyManufacturing Intelligence
2015CAMTECH GmbH & Co KG GermanyManufacturing Intelligence
2016Apodius GmbH GermanyManufacturing Intelligence
2016Forming Technology, Inc. CanadaManufacturing Intelligence
2016Multivista USGeosystems 
2016SigmaSpace Corporation USSafety, Infrastructure & Geospatial
2016SCCS Survey United KingdomGeosystems
2016AICON 3D Systems GermanyManufacturing Intelligence
2016NESTIX Oy FinlandAsset Lifecycle Intelligence
2017Catavolt, Inc US VENT 
2017Luciad BelgiumSafety, Infrastructure & Geospatial
2017MiPlan AustraliaMining
2017MSC Software[16]   USManufacturing Intelligence
2017VIRES GmbH GermanyManufacturing Intelligence
2017DST Computer Services  SwitzerlandAsset Lifecycle Intelligence 
2018AGTEK[17]  USGeosystems 
2018AutonomouStuff USAutonomy & Positioning
2018Bricsys BelgiumAsset Lifecycle Intelligence 
2018Guardvant USMining
2018Nextsense AustriaManufacturing Intelligence
2018Spring Technologies SAS[18]  FranceManufacturing Intelligence
2019J5 International Isle of ManAsset Lifecycle Intelligence 
2019Etalon AG GermanyManufacturing Intelligence
2019Thermopylae Sciences & Technology LLC US GSP 
2019Split Engineering USMining
2019AMendate   GermanyManufacturing Intelligence
2019Volume Graphics GermanyManufacturing Intelligence
2020Blast Movement Technology (BMT) AustraliaMining
2020Geopraevent  SwitzerlandGeosystems
2020Romax United KingdomManufacturing Intelligence
2020PAS Global USAsset Lifecycle Intelligence 
2020Tacticaware Czech RepublicGeosystems 
2020ESPRIT CAM USManufacturing Intelligence
2020CAEfatigue United KingdomManufacturing Intelligence
2020OxBlue USGeosystems
2021Infor EAM[5]  USAsset Lifecycle Intelligence 
2021Immersal FinlandGeosystems
2021CADLM FranceManufacturing Intelligence
2022ETQ USManufacturing Intelligence[28]
2022Innovatia Accelerator[29] CanadaAsset Lifecycle Intelligence 
2022Minnovare AustraliaMining[30]
2022iConstruct Pty Ltd AustraliaAsset Lifecycle Intelligence[31]
2022PDSA Company Limited GhanaGeosystems 
2023Qognify United StatesSafety, Infrastructure & Geospatial[32]
2023CADS Additive AustriaManufacturing Intelligence[33]
2023Projectmates United StatesGeosystems[34]
2023Hard-Line[20]  CanadaMining[35]

 

See also

References

  1. ↑ "Hexagon AB - Company Profile and News - Bloomberg Markets". Bloomberg News.
  2. 1 2 "Hexagon CEO steps down to become chair of the board", Reuters, June 27, 2022, retrieved December 31, 2023
  3. 1 2 3 4 5 6 7 8 "Hexagon", Forbes, 2023, retrieved December 31, 2023
  4. ↑ https://www.forbes.com/companies/hexagon/?sh=5011387e7088
  5. 1 2 3 4 "Sweden's Hexagon buys Infor EAM for $2.7 bln, develops ties with Koch", Reuters, July 13, 2021, retrieved December 31, 2023
  6. 1 2 Johannes Hellstrom, Anna Ringstrom (November 1, 2016), "Hexagon CEO was under arrest during results call, investors unaware", Reuters
  7. 1 2 3 "Hexagon Buys Measuring Instrument Business", The New York Times, November 18, 2000
  8. 1 2 Annual Report 2022, Hexagon
  9. 1 2 3 "Hexagon raises Leica Geosystems bid", The New York Times, August 16, 2005, retrieved December 31, 2023
  10. 1 2 3 Niklas Pollard, Johannes (27 March 2013), "From tuna to tech, Hexagon breaks Swedish mould", Reuters, retrieved December 31, 2023
  11. 1 2 Gwladys Fouche, Terje Solsvik (June 26, 2019), "Hexagon CEO Rollen found not guilty of insider trading in appeals case", Reuters
  12. 1 2 Feldman, Batya (September 4, 2007), "Hexagon buys Israeli 3D optics start-up CogniTens", Globes, retrieved December 31, 2023
  13. 1 2 "Sweden's Hexagon buys Intergraph for $2.1 bln", Reuters, July 7, 2010, retrieved December 31, 2023
  14. 1 2 "Hexagon says to buy Vero Software w FY2013 sales of about EUR 80 mln", Reuters, July 20, 2014, retrieved December 31, 2023
  15. ↑ Shanley, Mia (November 4, 2016), "Sweden's clean corporate image dealt blow with insider trading case", Reuters
  16. 1 2 3 "Deals of the day-Mergers and acquisitions", Reuters, February 2, 2017, retrieved December 31, 2023
  17. 1 2 "Hexagon acquires U.S. software firm AGTEK", Reuters, March 15, 2018
  18. 1 2 "Swedish Hexagon acquires Spring Technologies", Les Echos, June 20, 2018, retrieved December 31, 2023
  19. 1 2 Mile, Richard (January 10, 2018), "Hexagon CEO acquitted of insider trading charges", Financial Times, retrieved December 31, 2023
  20. 1 2 Sudbury, Ont.-based Hard-Line sells to Swedish multinational, but local jobs will stay, CBC, July 17, 2023, retrieved December 31, 2023
  21. ↑ Harnon, Grace (November 20, 2023), "Modernizing Manufacturing: Divergent Raises $230M to Aid Growth", The Los Angeles Business Journal, retrieved December 31, 2023
  22. ↑ "annual-report-2022" (PDF).
  23. ↑ "Industrial tech group Hexagon beats Q1 Forecast", Reuters, April 28, 2023, retrieved December 31, 2023
  24. ↑ "Solutions by Ecosystem". hexagon.com. Retrieved 2023-10-31.
  25. ↑ "Divisions". hexagon.com. Retrieved 2022-07-20.
  26. ↑ https://www.gpsworld.com/hexagons-acquisition-of-veripos-why-did-this-go-down/
  27. ↑ https://www.gpsworld.com/hexagon-veripos-expands-span-gnssins-portfolio-for-dynamic-positioning/
  28. ↑ Hexagon completes the acquisition of ETQ, Hexagon
  29. ↑ Hexagon furthers its commitment to innovation in the Operations & Maintenance (O&M) segment with the acquisition of Innovatia Accelerator, Hexagon
  30. ↑ Hexagon strengthens its life-of-mine solutions portfolio with the acquisition of Minnovare, Hexagon
  31. ↑ Hexagon expands its Smart Digital Reality capabilities across the construction sector with the acquisition of iConstruct, Hexagon
  32. ↑ Hexagon AB Acquires Qognify, Qognify
  33. ↑ Hexagon enhances its additive manufacturing solutions with the acquisition of CADS Additive, Hexagon
  34. ↑ Hexagon strengthens its construction software offering for asset owners with the acquisition of Projectmates, Hexagon
  35. ↑ Hexagon strengthens its mining automation and safety solutions with acquisition of HARD-LINE, Hexagon
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