Carrier Global Corporation (CARR) inked a deal to acquire Nlyte Software to provide its customers a top-class offering of data center controls and infrastructure power management.

The deal is in line with the company’s strategic initiative to make acquisitions in sustainable and intelligent solutions, thereby driving recurring revenues. The financial terms of the deal have been kept under wraps.

Shares of the provider of HVAC (heating, ventilation, and air conditioning), refrigeration, fire, security, and building automation technologies worldwide have gained 70% over the past year. (See Carrier stock charts on TipRanks)

Nlyte, a provider of data center infrastructure management (DCIM) software, boasts a 98% customer retention rate. It aids clients in their IT infrastructure management and digital transformation initiatives through its DCIM software.

The addition of Nlyte will complement Carrier's Automated Logic Controls business, creating integrated customer solutions and enhancing its access to the promising DCIM market.

Chris Nelson, President of HVAC at Carrier commented, “Nlyte's software and services, along with the expertise of its team, will enable Carrier to further develop our data center capabilities and bring enhanced services and solutions to Carrier's broad, global customer base.”

The acquisition is expected to close in the fourth quarter of 2021, subject to certain regulatory approvals.

Goldman Sachs analyst Joe Ritchie recently increased the price target from $63 to $66 (27.7% upside potential) while maintaining a Buy rating on the stock.

Consensus among analysts is a Moderate Buy based on 8 Buys and 6 Holds. The average Carrier price target stands at $60.23, implying 16.5% upside potential.

TipRanks data shows that financial blogger opinions are 100% Bullish on CARR, compared to the sector average of 70%.

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The post Carrier Global Corporation To Snap Up Nlyte Software appeared first on TipRanks Financial Blog.

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By: Devina Lohia
Title: Carrier Global Corporation To Snap Up Nlyte Software
Sourced From: blog.tipranks.com/carrier-global-corporation-to-snap-up-nlyte-software/
Published Date: Wed, 22 Sep 2021 13:21:28 +0000

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