Digi International Acquires TempAlert
Digi International, a global provider of Internet of Things (IoT) products and services, recently acquired TempAlert, a provider of automated, real-time temperature monitoring and task management solutions for the healthcare, industrial and foodservice industries, the company announced in a recent release. TempAlert will join the Digi Smart Solutions team. Digi purchased Boston-based TempAlert for $45 million in cash plus future earn out incentives.
Digi Smart Solutions are designed to improve the integrity of product quality and safety while lowering costs, achieving higher levels of customer satisfaction and improving brand reputation. Digi’s automated real-time monitoring solutions, combined with task management software, address the needs of customers that span operational and safety regulatory requirements.
“The acquisition of TempAlert doubles our Smart Solutions team to over 100 professionals, allowing us to offer our customers unprecedented domain expertise and support,” said Ron Konezny, President and CEO, Digi International. “This acquisition firmly establishes Digi as a leader in condition-based monitoring, such as temperature and vibration, task management solutions and analytics.”
The TempAlert solution will not only be supported and enhanced, but also leveraged within Digi's existing products and services to expand its advanced portfolio of solutions. Digi is adding TempAlert CEO Harry Schechter and the TempAlert team as employees of Digi Smart Solutions. Schechter reportedly will play a leading role in the IoT strategy going forward and will report to COO Kevin Riley.
“This is a perfect match of expertise and a shared vision of the market opportunity in front of us,” said Schechter. “The combination of Digi's market presence and complementary technology in conjunction with the TempAlert customer base presents a fantastic opportunity for Digi Smart Solutions.”
Stephens Inc. served as exclusive financial advisor to Digi on the transaction.