Johnson Controls Acquires Edge AI Software Developer FogHorn For Undisclosed Sum - Johnson Controls Intl (NYSE:JCI)

Johnson Controls International PLC JCI has acquired FogHorn, a developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. Deal terms were not disclosed.
FogHorn's technical team will be integrated into the OpenBlue Solutions organization, and its headquarters in Sunnyvale, California, will function as an 'AI Hub' for Johnson Controls.
Sastry Malladi, who served as Chief Technology Officer at Foghorn, will join Johnson Controls, reporting to Johnson Controls CTO Vijay Sankaran as Vice President, OpenBlue Artificial Intelligence.
Johnson Controls held cash and equivalents of $1.34 billion as of September 30, 2021.
"By pervasively integrating Foghorn's world-class Edge AI throughout our OpenBlue solution portfolio, we are accelerating the pace towards our vision of smart, autonomous buildings that continuously learn, adapt, and automatically respond to the needs of the environment and people," said CTO Vijay Sankaran.
Price Action: JCI shares are trading higher by 0.55% at $80.00 during the premarket session on Wednesday.