2023 is starting off with an acquisition news blizzard. OK, not that bad, but here is yet another piece of acquisition news.
The Phoenix Contact Group has acquired Canadian company iS5 Communications Inc., based in Mississauga, Ontario. The provider of industrial network products specializes in services and solutions for critical infrastructure networks.
Martin Müller, vice president of Phoenix Contact, says: “The expertise of iS5 Communications Inc. enables Phoenix Contact to take a leading position in the market for critical infrastructure networks and to further expand the business together.” Cybersecurity and data analysis play a strategically vital role in this field.
iS5 Communications was established in 2012 and currently employs more than 40 people who specialize in bringing IIoT and IT together and who have significant engineering expertise. Phoenix Contact invested in the company in 2018 through its venture capital company, Phoenix Contact Innovation Ventures, as part of its round of financing at the time. Building on this, product development and joint sales activities have already been initiated through the participation of Phoenix Contact USA Inc.
“We are really pleased that, with the Phoenix Contact Group, we have a strong global player on our side to further expand our business. Our existing cooperation in the fields of product and technology development will continue to grow as a result of the acquisition,” says Pino Porciello, chief executive officer at iS5 Communications Inc.
