In 2012, Honeywell divested POMS Corporation, a leader in manufacturing execution system (MES) solutions for healthcare, pharmaceutical, and medical device industries, to Constellation Software Inc.’s Perseus Group.
Honeywell chose Perseus as the preferred home for POMS because of their buy-and-hold acquisition mandate, ensuring long-term care for their customers. This transaction created the foundation for a strong partnership.
Perseus maintained regular communication with Honeywell's leadership, providing updates on POMS' achievements and keeping informed of strategic developments from Honeywell. Under Perseus’ ownership, POMS achieved consistent annual revenue growth while maintaining high levels of customer satisfaction. This success reinforced Honeywell’s confidence in Perseus as a dependable partner.
In summer 2024, Honeywell reached out indicating it was contemplating exclusively licensing its OptiVision software product line for pulp and paper manufacturing.
Optivision is an MES “Order-to-Cash” platform which provides order management, production planning and scheduling, and quality management, and is used by pulp and paper mills globally. Perseus emerged as a leading contender to acquire OptiVision due to its industry experience and proven ability to close M&A transactions swiftly.
Honeywell’s operational teams were looking to execute a transaction quickly. Perseus and Honeywell worked closely together in an efficient manner to enable a successful outcome.
After an accelerated diligence, transaction scoping and negotiation process, Perseus and Honeywell successfully completed the transaction on September 25, 2024, in an unprecedented 34 days.
Post-acquisition, OptiVision’s license and operations are being managed by OPTIVIQ Inc., one of Perseus’ portfolio businesses. Peter Litka, with over 30 years in the pulp and paper MES industry, has been appointed President and General Manager, bringing his extensive expertise to OptiVision.
“We’re excited to support the OptiVision customer base with dedication to the product’s future,” said Litka. “OptiVision is essential software for our clients, and we’re committed to delivering robust, reliable solutions and exceptional support.”
Steve Latham, Portfolio Manager of Perseus’ MES software portfolio, has been leading the integration and has ensured a smooth transition by:
“OptiVision is a strong addition to our portfolio,”shared Latham. “We’re dedicated to applying Perseus’s ‘Software for Life’ philosophy to ensure our customers’ long-term success.”
Honeywell’s choice to exclusively license OptiVision’s intellectual property to Perseus highlights the strength of a trusted relationship and experienced partner.
Nadim Suleman, Vice-President of M&A at Perseus Group, added:
“As perpetual owners of software businesses, Perseus has developed a core competency of working with large corporations to efficiently complete carve out divestitures. We understand the nuances of these complex transactions and ensure to close quickly, minimize distraction, and preserve the operational reputation of all stakeholders.”
For organizations considering strategic divestitures, Perseus Group offers trusted, confidential expertise. Contact us today to explore a potential carve out opportunities.
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