Built on the ServiceNow Platform, Nuvolo Connected Workplace helps customers modernize facilities management, optimize spaces, and manage the full lifecycle of enterprise assets utilizing a single solution.

The deal combines Nuvolo's integrated workplace and enterprise asset management workflow software with complementary Trane Technologies' digital, building management and connected equipment and services capabilities.

The company expects the acquisition to expand its software-as-a-service (SaaS) and digital capabilities to meet fast-growing demands for modern workplace and enterprise asset management solutions.

The transaction is subject to regulatory approval, with closing expected in the fourth quarter of 2023.

Nuvolo Founder and CEO Tom Stanford will join Trane in a leadership role and will continue to lead the Nuvolo business and team of approximately 250 global associates.

"Nuvolo is an outstanding fit with Trane Technologies' strategy to broaden the impact of our climate leadership and innovate for sustainability," said Paul Camuti, executive vice president and chief technology and sustainability officer of Trane.

Price Action: TT shares closed lower by 0.63% at $202.91 on Friday.