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Rockwell Automation to buy Plex Systems for $2.22 billion

·1 min read

(Reuters) - Rockwell Automation said on Friday it would buy business software maker Plex Systems for $2.22 billion in cash, as the U.S. industrial automation equipment maker looks to boost its revenue from cloud offerings.

An increasing number of organizations have been automating their operations during the COVID-19 pandemic and managing their manufacturing, supply chain and finances remotely.

Plex's platform helps customers to connect, automate, track and analyze their operations and supply chains, Rockwell said.

"The acquisition will also accelerate our software revenue growth and strengthen our annual recurring revenue streams," Rockwell Chief Executive Officer Blake Moret said in a statement.

The deal is expected to close in Rockwell's fiscal fourth quarter ending September, the company said.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Krishna Chandra Eluri)