IDEX Corp. (NYSE: IEX) has purchased Nexsight, LLC and its portfolio of businesses for cash consideration of $120 million. Nexsight’s portfolio includes Envirosight, WinCan, MyTana and Pipeline Renewal Technologies.
The purchase is designed to complement and elevate IDEX’s existing business units, iPEK and ADS, which design and create sewer crawlers, inspection, monitoring systems and software applications that assist its customers in correcting water system issues remotely.
Going forward, Nexsight will join the water group in IDEX’s Fluid & Meter Technology segment.
“Acquiring Nexsight will broaden our expertise in the inspection and monitoring of wastewater infrastructure,” said IDEX CEO and president, Eric Ashleman. ““IDEX continues to actively seek and analyze opportunities to deploy capital and acquire IDEX-like businesses, as well as make calculated bets in new technologies…”