ABM Industries Incorporated (NYSE: ABM), a provider of facility solutions, said on Monday that it had acquired Quality Uptime Services Inc in an all-cash deal valued at $119 million.
Quality Uptime is an independent uninterrupted power supply system (UPS) maintenance and UPS battery maintenance company that provides customized preventive and emergency service programs for mission-critical data centers and other facilities across the US.
By acquiring Quality Uptime, ABM’s Mission Critical Solutions group will offer comprehensive and complementary critical infrastructure solutions for data centers and similar crucial facilities, including electrical testing, electrical switchgear maintenance, breaker testing, UPS service and maintenance, battery and power distribution unit service and maintenance.
”The acquisition of Quality Uptime is expected to double ABM’s mission critical-related revenue in the first full year of ownership, driven by the surge in artificial intelligence and related investments in data center infrastructure,” Scott Salmirs, President and Chief Executive Officer of ABM, said in a press release.
”Consistent with our ELEVATE strategy, we believe this investment positions ABM to further participate in the long-term proliferation of data centers, which already represents a multi-billion-dollar market. The addition of Quality Uptime aligns with our vision to drive innovation and deliver comprehensive solutions to our clients, and we are excited to welcome their CEO John Raio and this talented and experienced team to ABM.”
Stock Performance
The shares of ABM Industries Incorporated (ABM) closed 2.60% ($1.37) lower at $51.27 in New York on Monday, as they snapped a four-day streak of gains.
The company’s total market cap now stands at $3.218 billion.
The shares of ABM Industries Incorporated (ABM) went up 0.92% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 14.36% so far this year.
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