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Bosch begins acquisition of Paladin Technologies

Bosch begins acquisition of Paladin Technologies

Bosch begins acquisition of Paladin Technologies

STUTTGART, Germany – Multinational engineering and technology company Bosch has announced plans to acquire Paladin Technologies, Inc., a Canadian-based provider of security, life safety solutions, and system integration services.

In a release issued by the company, Bosch said this most recent addition will complement its 2015 acquisition of Climatec, LLC, which provided the company with a variety of energy efficiency, security, building automation, and life safety solutions in the U.S. market. With Paladin Technologies, Bosch expands that coverage into Canada.

Paladin Technologies employs roughly 1,500 people in 35 locations throughout Canada and the U.S., and its projected sales for 2023 approach $400 million. The company is set to make an attractive addition to Bosch’s Energy and Building Technology business sector, which grew by 17.4 percent in 2022.

“Energy efficiency and security needs are driving factors for the modernization of commercial buildings, particularly in the North American market,” said Christian Fischer, deputy chairman of the Bosch board of management. “These long-term trends have contributed to the growth of our subsidiary Climatec, which has significantly increased its sales and workforce since we acquired them in 2015. We want to continue Bosch’s success in the delivery of these vital services in the region, and helping make buildings greener, smarter, and safer.”

The two companies complement each other in a variety of other ways as well, with Bosch Building Technologies also offering building automation, security, life safety, and energy efficiency services in addition to its system integration business. Both companies have served many satisfied customers throughout the North American region in key markets and industries.

“I’ve always respected Bosch’s long-term business focus, its over 100-year reputation for innovation and its private ownership structure, in which the majority shareholder is a charitable foundation.” noted Ted Reid, CEO of Paladin Technologies. “We’ve also been impressed by the success of Bosch’s building services growth in the USA and look forward to succeeding together as we build upon our shared values of innovation, teamwork, and the development of our people.”

Corresponding agreements were signed by both companies on July 4, 2023. The purchase price will not be disclosed.

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