Exosite Receives Significant Investment and Preferred IoT Supplier Status from Parker Hannifin

Exosite LLC announced today that it received a significant equity investment from Parker Hannifin Corporation

, expanding the existing partnership between the two organizations. This minority ownership investment extends Parker Hannifin's preferred supplier status to Exosite and provides capital to accelerate Exosite's global expansion plans. Financial and other details of the transaction are not being disclosed at this time. Exosite is a leading developer of cloud-based solutions that enable customers to connect smart devices to the Internet for remote control, monitoring, and business analytics. With annual sales exceeding $13 billion in fiscal year 2014, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial, and aerospace markets. The two organizations began collaborating in 2013 and decided to expand their partnership based on the successful deployment of Internet of Things (IoT) programs across several of Parker Hannifin's global operating divisions. "We are pleased to expand our partnership with Parker Hannifin," said Hans Rempel, CEO of Exosite. "By combining our IoT products and partnerships with Parker Hannifin's established motion and control technologies, we are well positioned to lead the deployment of cost-saving and revenue-generating IoT solutions for OEMs in a variety of market segments."