Generac Acquires Industrial IoT Platform Blue Pillar

Generac Holdings Inc GNRC has acquired Blue Pillar, an industrial internet of things (IoT) platform developer, for undisclosed financial terms.
Generac said it shares a mutual customer base with Blue Pillar, with highly compatible product offerings that work together to provide a total connectivity solution to commercial and industrial customers.
Generac aims to further integrate the Blue Pillar platform into its power generation products.
Erik Wilde, EVP of Industrial – Americas at Generac, said, "As a result of the acquisition, we will be able to provide customers and utility partners with an even broader suite of services, including holistic site monitoring."
The acquisition was closed on October 3, 2022.
GNRC held $467.1 million in cash and equivalents as of June 30, 2022.
Price Action: GNRC shares are trading higher by 4.55% at $185.46 on the last check Tuesday.