Honeywell announced plans to strengthen its automation capabilities with the acquisition of Carrier Global Corporation’s security business for $4.95 billion, in an all-cash transaction expected to close by the end of the third quarter of 2024.

The acquisition of Global Access Solutions, which includes both hardware and software solutions, will add three brands to Honeywell’s portfolio, including:

• LenelS2: Commercial and enterprise access solutions, including the offerings OnGuard and NetBox.
• Onity: Electronic locks, including hospitality access, mobile credentials, and self-storage access.
• Supra: Cloud-based electronic real estate lockboxes that offer mobile credentials and access management, as well as a digital platform to optimize scheduling for property showings.

The business brings an “attractive growth and margin profile that will be accretive to Honeywell” and be source of recurring revenue, Honeywell officials said in a Dec. 8 news release.

“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” Honeywell CEO Vimal Kapur said.

Carrier Global’s sale of Global Access Solution, together with the planned exits of its Industrial Fire, Residential and Commercial Fire, and Commercial Refrigeration cabinet businesses, will accelerate the company growth strategy and focus, Carrier Chairman and CEO David Gitlin said in a Dec. 8 news release.