Mitsubishi Electric Corporation announced that its wholly-owned subsidiary ICONICS, Inc. has formally agreed to wholly acquire ICONICS UK, Ltd., which sells supervisory control and data acquisition (SCADA) software and develops related cloud applications.
Mitsubishi Electric wholly acquired ICONICS, Inc. in 2019 to strengthen its global software-development capabilities. ICONICS UK, the distributor of ICONICS products in the UK, has its own cloud application development and SaaS business.
Circular Digital-Engineering business model
Mitsubishi Electric and ICONICS plan to leverage ICONICS UK's technology and know-how to establish a Circular Digital-Engineering business model for factory-automation solutions that optimize factory equipment and systems.
ICONICS UK's user experience (UX), cloud-related technical assets, and engineers will support the development of integrated solutions that collect on-site production data and then reproduce, analyze, and apply the data in digital space. Benefits include improved productivity and quality as well as reduced total cost of ownership (TCO).