January 10, 2019 — FreePoint Technologies, a provider of software for the Industrial Internet of Things (IIoT) to manufacturers worldwide, announced that it has acquired CoreSolutions, a software development company with offices in London, Ontario and Toronto. Through the acquisition, FreePoint will accelerate the development of its ShiftWorx platform for machine monitoring in manufacturing while providing configuration and customization to meet enterprise customer needs.
FreePoint products are currently deployed at over 100 manufacturing sites in the United States, Canada, Mexico, Australia, and other countries around the world. The company’s industrial IoT technology, which measures value-adding activity by machine, delivers productivity improvements to customers of up to 30% and more. The results have been validated through research conducted by Fanshawe College in conjunction with the National Science and Engineering Research Council of Canada (NSERC).
The global market for industrial IoT solutions in manufacturing will exceed $250-billion by 2019, according to estimates made public by BI Business Intelligence, primarily composed of software and related services.
The acquisition will be accretive to FreePoint’s 2019 revenue and EBITDA and will nearly double the number of employees. Barney Lawn will be COO of the combined entity and Paul Hogendoorn will continue as President and CEO.
