IIoT software developer acquires Ontario-based CoreSolutions
The acquisition of will accelerate FreePoint’s ShiftWorx platform, developed for machine monitoring in manufacturing.
London-based FreePoint Technologies recently announced the acquisition of CoreSolutions, a software development company with offices in London, Ontario and Toronto.
As a provider of software for the Industrial Internet of Things (IIoT) the acquisition of CoreSolutions will accelerate FreePoint’s ShiftWorx platform, developed for machine monitoring in manufacturing while providing enhanced flexibility for configuration and customization to meet enterprise customer needs.
“We are excited to have the CoreSolutions team join us as we work with new and existing customers to double our global installed base in the next twelve months,” says Paul Hogendoorn, Founder and President of FreePoint Technologies.
FreePoint products are currently deployed at over 100 manufacturing sites in the United States, Canada, Mexico and Australia. The company’s patent-pending industrial IoT technology—measuring value-added activity by machine—delivers productivity improvements to customers of up to 30% and more. The results have been validated through research conducted by Fanshawe College in conjunction with the National Science and Engineering Research Council of Canada (NSERC).
“We are delighted to join the FreePoint family. CoreSolutions is very excited to have the opportunity to extend our work in the industrial IoT market and be a part of shaping technology that will greatly improve manufacturers’ visibility into machine activity and fully engage factory floor employees,” said Barney Lawn, Founder and CEO of CoreSolutions.
The global market for industrial IoT solutions in manufacturing will exceed $250-billion by 2019, according to estimates made public by BI Business Intelligence, primarily composed of software and related services.
The acquisition will be accretive to FreePoint’s 2019 revenue and EBITDA and will nearly double the number of employees. Barney Lawn will be COO of the combined entity and Paul Hogendoorn will continue as President and CEO.