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Hexagon AB

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

History

1975-2012

Headquartered in Stockholm, Sweden, the predecessor company of Hexagon AB was founded on August 29, 1975. 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.

In 2000, 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. In late 2001, Hexagon AB agreed to buy Brown & Sharpe, a Swedish company focused on metrological tools, for around US$180 million. Hexagon AB also acquired Leica Geosystems after counter-bidding against Danaher for the company in 2005. Hexagon AB acquired the Israel-based 3D optics company CogniTens Ltd in 2007. The software company Intergraph was acquired by Hexagon AB in July 2010 for US$2.1 billion.

2013-2021

Hexagon AB acquired Vero Software in 2014. 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, although he stepped down in October 2016 due to health issues. Hexagon purchased MSC Software for US$834 million in 2017, using the acquisition to boost its portfolio of products related to automated manufacturing. In 2018, Hexagon acquired both AGTEK and Spring Technologies SAS.

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, then again found not guilty by an Oslo appeals court in 2019. 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.

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. Hexagon purchased Hard-Line, a radio system company based in Ontario, in July 2023, and in November 2023, Hexagon led a US$230 million funding round in the industrial AI company Divergent Technologies. 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 in 50 countries.

Products and services

Hexagon is a technology and software firm known for specializing in measurement and positioning systems. 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." 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.

Divisions

Hexagon AB has two overall business segments: Geospatial Enterprise Solutions, and Industrial Enterprise Solutions. 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.

List of acquisitions and subsidiaries

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