(Bloomberg) -- Rockwell Automation Inc. is acquiring closely held Plex Systems for $2.22 billion in cash to boost its offering of cloud services to customers ranging from automakers to warehousing and logistics firms.
The acquisition will be financed with a combination of cash and debt and is expected to close in the quarter ending in September, Rockwell said Friday in a statement. The Milwaukee-based company will bring on more than 500 employees from closely held Plex.
Plex is increasing revenue by double digits and the acquisition is expected to boost Rockwell's operating margins immediately, according to the companies. Troy, Michigan-based Plex is owned by Francisco Partners, a technology-focused private equity firm.
Read more: M&A Snapshot on Rockwell Automation-Plex Systems Deal
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