Benzinga | Oct 6, 2021 04:12PM EDT

IES Holdings Reports Investment In Automation Intellect, No Terms Disclosed

IES Holdings, Inc. ("IES") (NASDAQ:IESC) announced today that it has invested in Automation Intellect, a Charlotte, NC-based Software as a Service ("SaaS") company that provides machine performance analytics to manufacturing companies. Automation Intellect's leading Industrial Internet of Things ("IIoT") platform provides actionable insights to plant managers to help to reduce downtime and increase manufacturing efficiency and throughput. Automation Intellect will work closely with IES's Communication segment, which will be the preferred installation vendor for future projects. Automation Intellect is led by Chief Executive Officer Brad DeMarco and Chief Technology Officer Kurt Lueck.

Jeff Gendell, Chairman and Chief Executive Officer, said, "Automation Intellect marks IES's first early-stage investment and represents a compelling opportunity to invest in a growth business enabling technology advances among industrial manufacturers. Looking ahead, we will continue to evaluate both majority and non-controlling investment opportunities that allow IES to expand our service offering and customer base and gain access to emerging technologies."

Matt Simmes, President of IES Communications, added, "We are excited to partner with Brad and the rest of the Automation Intellect team. Not only will IES Communications provide value as an installation partner as we expand our service offering into the Industry 4.0 space, but we believe that our two companies will mutually benefit from cross-selling opportunities with our respective customers."

Brad DeMarco added, "We are thrilled to have IES as a strategic partner and as the only new investor in this funding round alongside our current investor group. After multiple meetings and conversations, it became clear that our visions and cultures are closely aligned. This investment will allow Automation Intellect to bolster our sales team and service offering to support our continued growth. We are also pleased to have Matt Allen, Vice President of Engineering at IES Communications, join our Board of Directors."