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M&A: Trane Technologies Acquires ServiceNow Partner Nuvolo for Enterprise Asset Management

October 3, 2023 by Joe Panettieri

Trane Technologies, which develops climate and energy management solutions for buildings, has acquired Nuvolo, a ServiceNow partner that provides enterprise asset management software and services. Financial terms of the deal were not disclosed.

Paul Camuti, executive VP and chief technology and sustainability officer, Trane Technologies

Trane Technologies, based in Swords, Ireland, was founded in 1871. The company is a massive provider of heating, ventilation, air conditioning (HVAC) and refrigeration systems. Backed by roughly 39,000 employees, the company generated revenues of $15.9 billion in 2022.

In recent years, Trane Technologies has focused on artificial intelligence (AI) and cloud-based solutions to help building owners and facilities managers to accelerate their decarbonization strategies. Key moves include a partnership with BrainBox AI -- which develops autonomous software for building energy management. Moreover, Trane Technologies invested in LiquidStack -- a developer of liquid immersive cooling for data centers -- in March 2023.

Related: See all M&A deals involving sustainability & green IT companies here.

Nuvolo Business Background, Sustainability Software Use Cases

Nuvolo, founded in 2013, has offices in Wellesley, Massachusetts. The company has 262 employees listed on LinkedIn as of October 2023. Nuvolo develops a software platform that allows customers to manage people, physical locations, assets and data sharing across departments.

On the sustainability front, Nuvolo's software allows customers to track:

  • Water, electricity and gas usage.
  • Liquid, organic and solid waste; recyclables; and hazardous waste.

Nuvolo Founder and CEO Tom Stanford will join Trane Technologies in a leadership role and will continue to lead the Nuvolo business and team. Stanford's official title at Trane was not disclosed.

Executive Perspectives: Trane Technologies Acquires Nuvolo

Tom Stanford, CEO, Nuvolo

In a prepared statement about the deal, Paul Camuti, executive vice president and chief technology and sustainability officer of Trane Technologies, said: “Nuvolo is an outstanding fit with Trane Technologies’ strategy to broaden the impact of our climate leadership and innovate for sustainability. With this acquisition, we see an opportunity to accelerate Nuvolo’s global growth and unlock new value and offerings for our respective customers and partners. We look forward to welcoming the talented Nuvolo team as we further expand our digital leadership with cloud-based solutions and services that help our customers achieve their decarbonization and workplace transformation goals. This bolt-on acquisition follows our proven model of adding leading technologies that augment our core business and scaling them to deliver strong returns over time.”

Added Nuvolo Founder and CEO Tom Stanford: “Following a decade of innovation and growth, we dedicated ourselves to finding an extraordinary partner aligned with our core values and future vision, who could take Nuvolo to the next stage of development. We are thankful to have found that partner in Trane Technologies. As a global decarbonization pioneer, Trane Technologies shares our commitment to innovation, forward thinking and a relentless commitment to customer-focused solutions. We are proud to be part of the Trane Technologies family, and excited about the next phase of growth with this new partnership.”

The deal is expected to close in Q4 of 2023, Trane said.

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