Legrand (Paris:LR) has announced the acquisition of two leading companies in the burgeoning fields of assisted living, healthcare, and datacenters. This strategic expansion is set to fortify Legrand’s position in its rapidly growing segments.
Enovation: Pioneering Healthcare Software
Dutch company Enovation, a frontrunner in the healthcare software industry, is now part of the Legrand family. Renowned for its innovative solutions in connected health and assisted living, Enovation specializes in business-to-business services. Its software suite facilitates remote monitoring of the elderly and dependent individuals through connected devices, ensuring seamless sharing of health data and coordination of care across various healthcare providers and facilities.
With a robust and loyal customer base, Enovation boasts an impressive recurring revenue model and an adjusted operating margin that surpasses Legrand’s. The Rotterdam-based company, with a workforce of over 350 employees, reports annual sales exceeding €60 million.
The integration of Enovation under the “Legrand Care” brand, established in 2021, reinforces Legrand’s dominance in the European market for technology and software solutions in the assisted living and health sectors.
Netrack: Expertise in Server and Network Rack Manufacturing
Legrand’s growth trajectory continues with the acquisition of Netrack, an Indian specialist in server and network rack manufacturing. Netrack’s reputation for high-quality products has made it a preferred choice for numerous datacenter projects.
Operating from Bangalore with a team of over 250, Netrack’s annual revenue is around €10 million. This acquisition is a testament to Legrand’s commitment to strengthening its foothold in the datacenter domain, a segment that contributed to 15% of the Group’s revenue in 2023.
Benoît Coquart, CEO of Legrand, expressed enthusiasm about the new investments, stating, “These investments are central to our strategy for accelerating growth, tapping into the dynamic trends of connected solutions and datacenters. We look forward to collaborating with the teams from these industry-leading companies.”
Legrand stands as a global authority in electrical and digital building infrastructures. Its extensive range of solutions caters to commercial, industrial, and residential markets worldwide. Embracing technological and societal shifts, Legrand aims to enhance living spaces with electrical and digital solutions that are innovative and sustainable.
The company’s growth is fueled by a combination of acquisitions and innovation, introducing new products that add value to the fast-expanding segments of datacenters, connected offerings, and energy efficiency programs. In 2022, Legrand reported sales of €8.3 billion and is listed on Euronext Paris, featuring in the CAC 40, CAC 40 ESG, and CAC SBT 1.5 indexes (ISIN code FR0010307819).
