Everbridge a global leader in critical event management or CEM, recently filed a 10K SEC document advising the acquisition of both CNL Software and Connexient, a move which will enhance the company’s solutions and broaden its support for IoT applications in commercial buildings. Almost in tandem with this announcement, the company has unveiled new CEM capabilities across the Internet of Things (IoT) for corporate, government and healthcare organisations to protect people, assets, operations, supply chain and brand from critical events such as coronavirus (COVID-19).
The first acquisition, New York based Connexient, which Everbridge acquired for $20.5 million, is a start up company providing digital wayfinding and indoor navigation solutions for the healthcare sector. There is also a potential contingent payment of up to $6.0 million that can be earned by the sellers, based on fiscal year 2020 revenue figures.
The second acquisition towards the end of February was CNL Software, a UK based PSIM company founded in 2001, which Everbridge has acquired for a base consideration of approximately $35.7 million.
“The CNL acquisition enhances Everbridge’s enterprise risk management approach and broadens their PSIM portfolio, which was previously enhanced in January 2017 when the company acquired IDV, a US based software solutions provider for powering command centers for $18.7 million plus add-ons. The CNL transaction will also enhance Everbridge’s long-term growth strategy to expand outside the United States. It is their 5th international acquisition in the last 6 years.” commented Daphne Tomlinson, Senior Research Associate at Memoori.
The upgraded Everbridge CEM platform will feature a new IoT extension module that will leverage the intellectual property rights of Connexient and CNL Software, enabling organisations to gather a broader range of situational intelligence and automate targeted responses throughout their entire safety, security, and operational continuum – from across a global footprint to within campuses and facilities.
With the number of IoT devices expected to approach 75 billion by 2025, the Everbridge CEM platform enables organisations to utilise vast amounts of electronic data, including IoT sensors, to digitally transform how they manage the safety and security of their employees, customers, patients, first responders, residents, and visitors, as well as the resiliency of their operations and supply chain. CEM for IoT extends the number of use cases for the Everbridge platform within the broader critical event management market, complementing the company’s existing offerings for supply chain and wearable devices.
