ADM Systems Engineering, a Moncton electronics engineering company, has been purchased for an undisclosed price French industrial giant Vinci Energies.
The French company, which has 65,000 employees in 51 counties, issued a statement Thursday saying it was purchasing ADM to strengthen its industrial services business. Vinci booked 10 billion euros in revenues last year. ADM will become part of Vinci’s Actemium brand, an industrial services business that has 300 units.
“With this acquisition, Actemium will start offering solutions and services in industry in Canada, including its multinational customers,” said the statement.
Headed by CEO Stephen Fyffe, ADM began in 2002 and has grown into an operation with 40 people. Vinci said that last year the Moncton company reported revenue of 4 million euros, or about C$6 million. ADM has strengths in automation, data management, mechanical design and industrial energy management.
One of ADM’s big achievements was giving birth to the Industrial Internet of Things company RtTech, which specialize in automated systems that help industrial complexes reduce energy consumption. RtTech in 2015 raised $3 million in venture capital funding from McRock Capital and the New Brunswick Innovation Foundation.