Phoenix Contact acquires industrial network solutions provider iS5 Communications
January 25, 2023
By Manufacturing AUTOMATION
The Phoenix Contact Group recently acquired Mississauga-based industrial network solutions provider iS5 Communications. Effective December 12, 2022, iS5 Communications is a 100 percent member of the Germany-based group.
“The expertise of iS5 Communications enables Phoenix Contact to take a leading position in the market for critical infrastructure networks and to further expand the business together,” said Martin Müller, vice-president of Phoenix Contact, in a press statement.
iS5 Communications was established in 2012 and currently employs more than 40 members of staff who specialize in bringing IIoT and IT together. Phoenix Contact invested in the company back 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.
“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,” said Pino Porciello, chief executive officer at iS5 Communications.
- IIC’s latest Journal of Innovation edition discusses business outcomes of IoT technologies
- Smart manufacturing exhibition SmartMTX coming to Alberta in April 2023