Hexagon AB expands in India, focuses on smart cities and acquisitions
Geospatial measurement experts Hexagon are pushing into the Indian market. The move follows a slew of reports (previously discussed on this newsfeed) about the rapid expansion predicted in the Indian economy and population. The company said it’s adding a 300-person centre in Hyderabad and a 250 MSC engineers Tech centre in Pune. According to Hexagon, this will let it capitalise on the trend towards greater urbanisation with a major increase in available products and services.
Hexagon’s share price has grown by 14% so far this year
SOURCE: Yahoo Finance
Hexagon is making a powerful play for the smart city market, and hopes to consolidate its presence in India with a number of safe city, disaster response, and other solutions. The company’s chief technology officer, Claudio Simao, said: “India offers a technology solutions provider like Hexagon an opportunity across its areas of operations and within that space, smart cities present immense scope. Hexagon global R&D Centre in India is contributing to a number of innovative areas, including Internet of Things, cloud, mobility and artificial intelligence.”
According to Pramod Kaushik, president of Hexagon India, there is still a gap in the market when it comes to the tech aimed at smart cities. He said: “Most of the solutions offered to smart cities relate to surveillance and response issues. And then there are solutions for municipalities to evaluate the assets on the ground and below and above the ground with a combination of radars, scanning and GPS tech.” Notably missing from this list is artificial intelligence – and that’s something Hexagon might be willing to spend on.
Kaushik continued: “the company has made more than 170 acquisitions over the past 16 years, averaging about 10 acquisitions per year. We are open to acquisitions in the areas of artificial intelligence.”
Dominion holds Hexagon AB in its Global Trends Managed Fund.
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