Published on 24 Nov 2021 on Zacks via Yahoo Finance

IDEX (IEX) Enters Into Deal to Acquire Nexsight for $120M

IDEX Corporation IEX yesterday announced that it has entered into a deal to buy Nexsight, LLC and its WinCan, Envirosight, MyTana and Pipeline Renewal Technologies businesses. The deal is valued at $120 million in cash.IDEX's shares inched up 0.5% yesterday, eventually closing the trading session at $236.37.Headquartered in Randolph, NJ, Nexsight, through its business units, specializes in providing a comprehensive line of wastewater inspection solutions to several sectors, including utility, engineering, municipality and transportation. The company’s innovative technology is also utilized in the sewer rehabilitation market.

Acquisition Rationale

The deal is in sync with IDEX’s policy of acquiring businesses for expanding its presence and customer base in the intelligent water technologies market. The inclusion of Nexsight’s expertise in wastewater inspection space supported by its strong product portfolio and innovative capabilities will augment and boost IDEX’s iPEK and ADS business units.The buyout will enable IDEX to expand its presence in North America and include iPEK’s major channel partner and its advanced wastewater video inspection software platform. This is also likely to enhance the capabilities of the cloud-based wastewater system monitoring and predictive analytics platform at ADS.Upon completion of the deal, Nexsight will be integrated into the water group of IDEX’s Fluid & Metering Technology segment. The segment provides displacement pumps, injectors, flow meters and related controls for the movement of liquids and gases in various end markets, including general industrial, chemical, agricultural and water & wastewater. The segment contributed 35.3% to IDEX’s total revenues in the third quarter of 2021.