PRESS RELEASE | Nov 16th 2020

Official Press release (via PRNewswire)
Honeywell (NYSE: HON), a global leader in connected buildings, announced today a strategic investment in Trinity Mobility Private Limited, an India-based software company and provider of the leading internet of things (IoT) Smart Cities platform and software applications. This strategic investment will allow Honeywell to expand its smart cities capabilities by providing access to Trinity's Smart City solutions, which integrate information from various systems across a city in a common interface and allow operators to better assess, operate and manage the city's connected infrastructure. Together, Honeywell's and Trinity's smart cities solutions help make cities safer and more liveable for citizens while helping customers manage and reduce their emissions.

This strategic investment, which is structured to provide Honeywell with a path to full ownership of Trinity, will allow Honeywell to more fully partner with cities that are expanding their smart city deployments or integrating new systems. Trinity's capabilities complement Honeywell's technologies for smart cities and global expertise in delivering integrated solutions for mission critical systems.

The Smart Cities IoT solution, called the Honeywell City Suite, can seamlessly aggregate information from traffic, environment, parking, emergency services, safety and security, and utilities – among other areas – in a single, unified view. In addition to enhancing the efficiency of cities, these solutions can also be applied to retirement communities, large planned residential communities, university campuses and large industrial communities that want to provide a more connected living experience.

"Many of the world's cities are facing significant operational and sustainability challenges stemming from urbanization, including unexpected crises, infrastructure issues, environmental and safety concerns, and the expanding needs of citizens," said Vimal Kapur, president and chief executive officer, Honeywell Building Technologies. "The combined capabilities of Honeywell and Trinity can allow cities of all sizes to improve services and provide a better experience for their citizens. In addition, the data generated from these technologies can help improve cities' ability to plan, helping create a more hospitable and liveable environment for its citizens."

Founded and based in Bengaluru, India, Trinity creates software solutions that help manage large, complex installations like those needed for smart cities. Honeywell and Trinity have worked together for more than five years to deploy multiple smart city projects, including the New Administrative Capital of Egypt and Faridabad in India. Honeywell's strategic investment will allow it to expand the reach of its smart cities capabilities to additional international markets.

"We look forward to expanding our relationship with Honeywell to offer customers a complete technology solution for the complex integrations that are needed to create a truly smart city," said M Ashok Kumar (MAK), founder and chief executive officer, Trinity. "Our combined expertise and Smart Cities IoT platform provide tremendous connected opportunities for smart city solutions globally for both existing and emerging cities to meet their sustainability and productivity goals as well as create a more engaging citizen experience."

According to the UN Department of Economic and Social Affairs, 68 percent of the world's population will live in urban areas by 2050, compared to 55 percent today. Overcrowding, traffic congestion, security concerns, as well as rising water and demand for utilities, are driving the market for intelligent solutions and investment in smart city technologies. A big focus of these investments is in sensors, IoT, security and cloud-based platforms that can capture and analyze and provide real-time information and insights that can boost safety, security and energy efficiency.

Honeywell's smart city systems connect more than 100,000 IoT sensors and touch the lives of more than 100 million people. The company's solutions help create actionable insights that city authorities and municipalities can use to improve their situational awareness, economic development and quality of life for residents.

Terms of the investment were not disclosed. The investment is pending customary deal closing conditions.