November early issue
Smart Building Insight - Partnerships, M+A, public firm developments - November 2025 from Aamidor Consulting
Letter from the Editor
We’re back with a new issue, focused on all the recent M+A, partnerships and also public firm news. We also have some special items, below. In case you are wondering what is on tap:
Partnerships from Siemens Brightly, XOi, ABB, Honeywell, Bueno, Schenider and more. We also unpack a very interesting partnership from Brookfield, too.
Acquisition announcements from Copeland, Persefoni, Lennox, MRI, Hubstar, Comfort Systems and others.
Quick update on public firms, but a bigger update once more of our peer group reports earnings.
Environment, health and safety (EHS) software is a cousin of many energy/smart building solutions, and we’re digging into the outcomes of many of those firms, toward the end of this issue.
Finally, check out our quick glimpse at Deloitte’s real estate outlook report for 2026, too.
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.
A housekeeping item - we are starting to book projects into 2026 - please reach out if you think you will need our help (and note, we have a new project inquiry page). We’d be happy to talk, but please get in touch soon!
Aamidor Consulting Client Spotlight
Earlier this year, we worked with a building systems OEM on an M+A strategy for smart buildings technology. Specifically, this firm’s competitors have been more active in the market, and it sought to develop a better internal strategy around inorganic growth for smart building technology.
The outcome of our work was a more complete market map of potential acquisition targets, a more complete investment thesis on which targets make the most sense, and a stronger point of view as potential acquisition targets come to market. Our client has more confident in its approach moving forward, and expects to see more potential acquisition targets in the coming months.
Additionally, our capital efficiency research from this summer indicates that smart building M+A may pick up in the coming year - though this is not certain. Regardless, some firms have viable exit paths. And their solutions may fit well as part of a larger, established platform. Let us know if you think we could work with you on this front in the future - we’d love to talk about how we can help.
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.
Before we get into the other sections, did you miss our quick video about a recent talk Joe delivered at the Smart Data for Energy event? If so, you can watch an 8 minute version of the talk here.
Partnerships:
Brightly Software partnered with XOi to integrate real-time, enriched HVAC asset data into its CMMS, enabling smarter maintenance, compliance, and long-term capital planning.
Our take: XOi is a KKR-backed rollup that recently acquired Specifx, which has built a database of HVAC equipment with an ability to help service providers and other ecosystem players use very accessible info (such as a serial number) to get very robust information about the particular piece of equipment. This is a key data set for retrofits, capital planning, and overall building management - and the go-to-market approach though other solution providers makes sense (not unlike utility bill data suppliers).
How we can help: For firms looking for data integration partnerships, we have visibility across the vendor landscape, an ability to help align product strategy with the right partnership approach, and an unrivaled network to open doors and explore partnerships.
Levi Strauss & Co. launched the Energy Accelerator Program (LEAP) with Schneider Electric to help its supply chain in India transition to renewable electricity and advance its 2030 emissions reduction goals.
Our take: While most larger OEMs are becoming more narrowly focused (“de-conglomeration”), Schneider keeps expanding its influence across all building types and also across various energy, facility and building management angles.
