DESIGN
Cadence | July 18, 2022
Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced that it has completed the acquisition of Future Facilities. The addition of Future Facilities technologies and expertise supports the Cadence® Intelligent System Design™ strategy and broadens its multiphysics system analysis and computational fluid dynamics (CFD) portfolios. Future Facilities’ electronics cooling analysis and energy performance optimization solutions for data center design and operations using physics-based 3D digital twins enables leading technology companies to make informed business decisions about data center design, operations and lifecycle management and reduce their carbon footprint. Future Facilities’ proven technologies serve a wide breadth of hyperscale, enterprise data center, managed services and colocation providers, including Hewlett Packard Enterprise, Digital Realty, Equinix and Kao Data.
About Cadence-
Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare.
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CONSTRUCTION
Foresite | July 26, 2022
Foresite Technology Solutions, LLC, a Software-as-a-Service (SaaS) construction company, today announced a partnership with Lilt, the leading global experience platform, to integrate multilingual content into Foresite's platform for increased accessibility and improved Foresite user experience.
With this new capability, Foresite seeks to eliminate the barriers that foreign language can have in communication-based safety issues in construction. A 2019 report from the American Council on the Teaching of Foreign Languages highlights the importance of multilingual capabilities in construction, reporting that 42% of construction industry employers rely heavily on employees for whom English is a second or third language.
Foresite solves some of the biggest challenges builders and trade contractors face, including increasing productivity, safety, and efficiency at the jobsite, while supporting upskilling of the labor force with learning in the flow of work. With the integration of Lilt, Foresite incorporates cost-effective multilingual content to support its efforts to break down language barriers, an imperative software capability in the construction industry.
"From the start, we envisioned Foresite as the open platform of choice, connecting strategic partners to drive innovation for our customers, Our partnership with Lilt highlights how we use leading technology partners, such as Lilt, to improve the construction industry labor force with multilingual upskilling content. This partnership represents the leading edge of our strategy to reimagine and re-equip the labor force and bring a range of partners to the Foresite ecosystem."
-John Gillett, founder and CEO of Foresite.
Lilt leverages experienced human linguists and its AI-powered platform to translate websites, product manuals, compliance materials, technical documentation, e-learning content, and more for their customers, providing end-to-end multilingual support. The Lilt platform utilizes AI and automation to maintain quality and keep margin of error to a minimum.
"Foresite recognizes that the elimination of language barriers reduces risk, increases safety, and empowers employees, We started Lilt to increase access to opportunity for all, and we're inspired to join Foresite in this important work for the construction industry."
-Spence Green, CEO of Lilt.
Beyond the advanced Lilt technology, employing highly educated, experienced translators improves consistency in the Lilt product and services for their customers. Lilt works with diverse enterprise customers across the construction industry, translating content such as on-site construction e-learning content, supply chain visibility platform information, and app-based risk management product information, and it will bring this experience to bear in this new partnership with Foresite.
About Foresite-
Foresite is an innovative and transformative construction platform built on 25 years of intellectual property and industry knowledge. The platform provides intelligent gross margin management for field operations, serving builders, trade contractors, manufacturers, and insurers, in addition to unprecedented control over critical operational processes. Users access preconfigured content-based solutions such as workforce efficiency & productivity, job site logistics, project safety, quality control, and regulatory compliance, rapidly driving process optimization at the jobsite.
About Lilt-
Headquartered in San Francisco, Lilt is the leading global experience platform, enabling organizations to build and deliver multilingual experiences at scale across every step of the global customer journey through its translation technology and services. The Lilt Platform uses AI and automation to make the localization process faster, better, and simpler, bringing human-powered, technology-assisted translations to global enterprises. Lilt gives industry-leading organizations like Intel, ASICS, Emerson, UiPath, and Canva everything they need to scale their global experience programs and go-to-market faster. Lilt has additional global offices across North America, Europe, and Asia.
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MATERIALS,CONSTRUCTION
H&E Equipment Services | September 20, 2022
H&E Equipment Services, Inc. (“H&E” or the “Company”) (NASDAQ: HEES) today announced the signing of a definitive agreement to acquire One Source Equipment Rental, Inc. (“One Source”), a provider of non-residential construction and industrial equipment with operations in the Midwest and Southern U.S. One Source, which is employee owned, operates 10 branches, including three locations in each of Illinois and Indiana, two locations in Tennessee and one in each of Kentucky and Alabama. Under the terms of the definitive agreement, H&E is expected to pay $130 million in cash for One Source, before customary adjustments. The transaction is expected to close during the fourth quarter of 2022, following regulatory clearance and the completion of other customary closing conditions.
“For more than 20 years, One Source has emphasized a culture where equipment reliability and customer support and satisfaction are vital features for success, resulting in an equipment rental operation with strong consumer loyalty throughout its branch network. These important attributes, which are underscored by a dedicated base of employee owners, offer an exceptional cultural fit with H&E. Also, the transaction will expand our geographic footprint into the Midwest with operations in Illinois and Indiana, as well as operations in Kentucky. Finally, the demonstrated success of our accelerated warm start plan, with 15 warm start and greenfield locations established since early 2021, will prove beneficial as we evaluate post-integration growth opportunities in the Midwest and other surrounding regions with attractive prospects for expansion.”
-Brad Barber, Chief Executive Officer of H&E Equipment Services.
Over the last twelve months ended July 31, 2022, One Source has generated revenues of approximately $59 million with a fleet size, as measured by original equipment cost (OEC), of approximately $138 million. One Source’s fleet consists primarily of aerial work platforms, material handling equipment and other general equipment lines.
About H&E Equipment Services, Inc:
Founded in 1961, H&E Equipment Services, Inc. is one of the largest rental equipment companies in the nation. The Company’s fleet is among the industry’s youngest and most versatile with a superior equipment mix comprised of aerial work platforms, earthmoving, material handling, and other general and specialty lines. H&E serves a diverse set of end markets in many high-growth geographies including branches throughout the Pacific Northwest, West Coast, Intermountain, Southwest, Gulf Coast States, Southeast, Midwest, and Mid-Atlantic regions.
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