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CHARLOTTE - Honeywell (NASDAQ:HON), a prominent player in the Industrial Conglomerates sector with a market capitalization of $137.4 billion and annual revenue of $40 billion, announced Wednesday it has acquired three utility platforms from SparkMeter, Inc. to expand its Smart Energy portfolio, according to a company press release. According to InvestingPro, the company maintains strong financial metrics with a robust EBITDA of nearly $10 billion.
The acquisition includes intellectual property and related assets from SparkMeter, specifically three platforms: Praxis, a data platform for utility asset insights; GridScan, which provides visibility into distribution grid performance; and GridFin, a financial management application for energy supply costs and customer rates.
These technologies will be integrated into Honeywell Forge Performance+ for Utilities, enhancing the company’s ability to provide data-driven solutions for grid modernization.
"As the demand for energy continues to grow, utilities are facing new challenges that can impact their ability to quickly and efficiently modernize their infrastructure to meet these needs," said Amol Motivala, president of Honeywell Smart Energy.
The financial terms of the transaction were not disclosed in the announcement.
This acquisition follows Honeywell’s recent announcement of planned spin-offs of its Aerospace Technologies and Solstice Advanced Materials businesses. Since June 2023, the company has announced approximately $14 billion in acquisitions, including Compressor Controls Corporation, SCADAfence, Carrier Global’s Access Solutions business, and several others.
Honeywell also completed the sale of its Personal Protective Equipment business to Protective Industrial Products in May 2025.
The company’s business strategy aligns with three key areas: automation, the future of aviation, and energy transition, supported by its Honeywell Accelerator operating system and Honeywell Forge IoT platform.
In other recent news, Resideo Technologies has completed a significant financial transaction with Honeywell International, making a one-time payment of $1.59 billion. This payment eliminates Resideo’s obligation to make annual payments of up to $140 million to Honeywell through 2043, effectively terminating all future obligations under their previous agreement. Additionally, Resideo has announced plans to spin off its ADI Global Distribution business into a separate, tax-free entity, creating two independent public companies. This separation is expected to be finalized in the second half of 2026. Meanwhile, Honeywell has raised its 2025 organic revenue guidance by 2 percentage points, with notable growth in its Building Automation segment. Despite the improved outlook, Jefferies has maintained its Hold rating on Honeywell, citing a cautious perspective on short-cycle momentum. Honeywell’s Industrial Automation segment also saw an improvement, with a revised forecast of low-to-mid-single-digit decline. These developments mark significant strategic moves for both Resideo and Honeywell.
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