Halma plc (LON:HLMA), the global group of life-saving technology companies, has announced that it is acquiring Pyxis1, a specialist provider of water quality monitoring and analysis technology.
Pyxis designs and manufactures sensors and systems that enable customers to measure and control critical water parameters in real time across industrial, municipal and environmental applications. Its technology helps improve process efficiency, reduce waste and support compliance with increasingly stringent environmental standards. Founded in 2013 and headquartered near Houston, Texas, Pyxis serves a global customer base and has a strong track record of growth and innovation.
The initial cash consideration for the three separate Pyxis companies is in aggregate $170m (approximately £126m), on a cash- and debt-free basis, to be funded from Halma’s existing facilities. Additional earn-out considerations of up to an aggregate maximum of $30m (approximately £22m) for the US-based business are payable in cash, based on Pyxis’ performance over each of the two financial years to 31 March 2028 and 2029.
Pyxis’ unaudited revenue for the 12 months to 31 March 2027 is forecast to be approximately $39m (approximately £29m). Pyxis will be a standalone business within Halma’s Environmental & Analysis Sector, led by its current management team.
Marc Ronchetti, Group Chief Executive of Halma, commented: “Pyxis is a high-quality business with a strong track record of growth and a clear focus on innovation. Its technologies address critical challenges in water quality monitoring with solutions that are highly valued by its customers. Pyxis’ capabilities are complementary to several of our existing companies. We are pleased to welcome Pyxis to Halma and support its continued growth as part of the Group.”
Caibin Xiao, Founder and Chief Innovator of Pyxis said: “Joining Halma is an important step for Pyxis as we look to build on our strong growth and continue developing innovative solutions for our customers. Halma’s approach gives us the autonomy to keep doing what we do well, while providing access to a global network, expertise and resources that will help us accelerate our growth. We are excited about the opportunities this creates as we continue to innovate and expand our capabilities in water quality monitoring.”
1. Pyxis comprises three separate companies. Halma has acquired Pyxis Lab Inc. and Qipan Technology Development (Shanghai) Co., Ltd., two of the three separate companies. Halma has further agreed to acquire the third smaller company, Pyxis Europe S.L.U., and this acquisition is expected to close shortly.
