IDEX Corp. hopes to expand wastewater systems business
NORTHBROOK -- IDEX Corp. Tuesday announced it has entered into a definitive agreement to acquire Nexsight LLC and its market leading businesses -- Envirosight, WinCan, MyTana and Pipeline Renewal Technologies -- for $120 million, subject to customary post-closing adjustments.
Nexsight is based in Randolph, New Jersey.
The acquisition will complement and bolster existing IDEX business units iPEK and ADS, which design and create sewer crawlers, sewer inspection and monitoring systems, and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.
Through the Nexsight acquisition, IDEX will expand to include iPEK's key North American channel partner and its leading wastewater video inspection software platform, which the company foresees helping to broaden the capabilities of ADS's cloud-based wastewater system monitoring and predictive analytics platform, IDEK said.
"Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure," said Eric Ashleman, IDEX chief executive officer and president. "We intend to continue growing our presence in intelligent water technologies, where we can help predict and identity wastewater system issues early, preventing them from causing property damage, harming the environment and impacting public health."