Trimble To Sell Iron Solutions Business To Randall-Reilly; Financial Terms Not Disclosed

(RTTNews) - Trimble (TRMB) announced Wednesday that it has entered into a definitive agreement to sell its Iron Solutions business to Randall-Reilly LLC, a B2B data and analytics platform for transportation, construction, agriculture and other industrial markets. The financial terms of the deal were not disclosed.

The transaction is expected to close in the third quarter of 2021.

Trimble's Iron Solutions business has been reported as part of the Resources and Utilities Segment. The company said the sale will not have a material impact on its segment or overall financial results.

Iron Solutions unit serves the heavy equipment industry, and provides market information, analytics-based intelligence and cloud-based enterprise systems to facilitate equipment transactions and improve dealer and lender productivity.

Rob Painter, president and CEO of Trimble, said, "We are continually evaluating our portfolio of businesses as we work on the execution of Trimble's Connect and Scale 2025 strategy. As we refocus our efforts on Trimble's core capabilities, Iron Solutions will be an ideal fit with Randall-Reilly's existing portfolio of market intelligence solutions."

In the deal, BrightTower served as financial advisor to Randall-Reilly.