Big issue! Digging into the business of smart buildings

Smart Building Insight - Partnerships, M+A, public firm developments - August 2025 from Aamidor Consulting

Letter from the Editor

Summer is nearly over (school starts in Colorado this week), and we have a pretty sizable issue for you. So let’s get right to it…in this issue:

• Earnings season for the public OEMs in our industry. We read their decks and transcripts so you don’t have to - with a focus on M+A and digital/technology news.

• Multiples: We unpack our take on one of the most popular questions from investors and early stage startups alike.

• Wayback machine: We look at 12 key smart building acquisitions over the past ~10 years.

• All of the partnership and M+A news you expect. Microsoft and Siemens; Bueno and Neeve, and Copeland announce partnerships. Carrier and Daikin make channel acquisitions, plus a European smart building acquisition with a very robust set of metrics.

• And, at the end, news focused on capital markets, the future of office, and sustainability in real estate.

Quick side note, don’t forget to check out our podcast! Lewis Martin and Joe Aamidor host the “Down Low with Joe”, which focuses on market developments and includes interviews with RE decarb/digitization innovators. Check out our YouTube channel or Spotify.

Also, conference season is upon us, and we’ll be attending a few events in the coming months:

• Blueprint: Joe will be leading a panel - stay tuned for details. Readers of Smart Building Insight can get a discount on tickets. (Las Vegas, September 16-18)

• NexusCon: Back again this year. Joe was there for the inaugural event and we wouldn't miss it this year. We can offer $75 discount code for readers: JOENEXUS75. Everyone who uses this promo code will be put into Joe’s pod. What's a pod? Think summer camp meets sports team. We'll be a group of ~20 others and will get together at the conference. Register here. (October 6-8th in Denver)

• 3rd Annual Smart Data for Energy Summit: Joe has been invited to provide a plenary session: “Emerging Technologies and Capabilities Across the Smart Buildings Market and The Evolving Customer / Vendor Relationship”. Readers of Smart Building Insight can get a discount on tickets: 10% Discount to attend with code “JA10” - Register here. (National Harbor, Maryland October 15 – 16 2025).

A housekeeping item - we are starting to book projects well into the fall - please reach out if you think you will need our help. We’d be happy to talk, but please get in touch soon!

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Aamidor Consulting Client Spotlight

Last week we spent a day with a new client during an in-person workshop. We occasionally do one-day, in-person workshops (as a kickoff or a standalone) to review market trends, competitive developments, and talk about product strategy and priorities. In this case, we also delivered a presentation to the company during all hands to help characterize and quantify the market. With all the debates about in-person vs remote work, we do drive a lot of energy from in-person meetings. Let us know if you think we could work with you on a workshop in the future..

This newsletter is a market wrap up and analysis of the smart buildings industry. If the email was forwarded to you, sign up to receive it directly.

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Partnerships:

• Orravan Mechanical partnered with Facil.AI to bring AI-driven autonomous energy optimization to commercial buildings across Southern California.

• Oklo and Vertiv announced a collaboration to co-develop advanced power and cooling solutions for hyperscale and colocation data centers using clean energy from Oklo’s nuclear power plants.