Company announces acquisition of CoreSolutions to address demand from customers worldwide
FreePoint Technologies, an award-winning provider of software for the Industrial Internet of Things (IIoT) to manufacturers worldwide, today announced that it has acquired CoreSolutions, a software development company with offices in London, Ontario and Toronto. Through the acquisition, FreePoint will accelerate the development of its industry-leading ShiftWorx platform for machine monitoring in manufacturing while providing enhanced flexibility for configuration and customization to meet enterprise customer needs.
Paul Hogendoorn, Founder and President of FreePoint Technologies, remarked, “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.” FreePoint products are currently deployed at over 100 manufacturing sites in the United States, Canada, Mexico, Australia, and other countries around the world. The company’s patent-pending industrial IoT technology, which measures value-adding 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).
“The team at CoreSolutions brings decades of experience in software development, project management, and product management and is a perfect complement to the highly skilled team at FreePoint Technologies. For the past year we have been working closely together on several projects at some of our largest enterprise customers, with hundreds of manufacturing plants worldwide,” continued Hogendoorn.
“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,” remarked Barney Lawn, Founder and CEO of CoreSolutions. Reflecting on customer demand, Lawn said “The potential in this emerging market is huge and the skills we bring to the table will help FreePoint further accelerate its growth.”
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.