TAM? What is it good for?

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

Letter from the Editor

We’re back with a new (very big!!) issue, focused on all the recent M+A, partnerships and also public firm news. Here is a quick review of the contents of this one, below:

• A timeline of key smart building startup M+A (and some key trends / observations behind this).

• All the M+A and partnership news that you expect - with news from Schneider, JCI, Nantum AI, Eaton, Verdigris, Mitsubishi Electric, TMA Systems, Legrand, and more.

• Some special news items from the public OEM incumbents. We also a few specials:

  • Update on Airthings

  • A post-IPO review of Legence, which published an investor deck

  • A new leaderboard on the scale of these firms’ digital offerings (JCI, Honeywell, Schneider, Siemens, Carrier, Trane, and Acuity).

  • An analysis on the building controls total addressable market (TAM)

  • There’s also a lot more to report on what these public firms are saying about their digital offerings and businesses, so stay tuned for a special issue soon!

Lastly, NexusCon is this week, so please reach out if you will be there and want to meet up. (Or, see just below for a discount code if you want to join in the fun.)

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.

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

• 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. (THIS WEEK - 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).

• DERVOS 2025: Joe will be attending DERVOS in New York, focused on distributed energy resources and demand flexibility. (October 17, 2025).

A housekeeping item - we are starting to book projects well through the end of the year - 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 Podcast Spotlight

Did you miss our recent market update podcast episode? We hosted R-Zero, which provided a product demo of a new offering. We would love to do more demos and discussions about product launches as a feature on the podcast, so please reach out if you’d like to join. You can find this episode on Spotify and YouTube (links below).

Moreover, Joe was interviewed on Eptura’s podcast, with old friend Mike Petrusky.

Additionally, last week Joe participated in a CRETech webinar focused on AI in building operations.

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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From socials…

Before we get into the other sections, did you miss our post about the “tug of war” dynamics that may be developing in smart buildings? - share your thoughts on LinkedIn.

Partnerships:

• Schneider Electric signed a multi-year agreement with Climeworks to remove 31,000 tons of CO₂ by 2039, marking its first high-durability carbon removal purchase and Climeworks’ largest portfolio deal to date.

  • Our take: Schneider has been among the most active firms of industry incumbents, with a range of acquisitions, partnerships, product launches, etc that stretch across all asset classes (homes - simple, to data centers - complex) and also focus across the value chain. See below for more Schneider news.

• Verdigris partnered with Fiùtur to convert real-time electrical intelligence from data centers into verified, financeable metrics, enabling new investment opportunities in the rapidly growing sector.

  • Our take: Verdigris has always focused on very deep electrical intelligence via metering - while that isn’t a huge differentiator for a commercial building, it may be more impactful in data centers, hence the firm’s focus on this vertical.