Daikin Applied Acquires stake in Cloud-Based BAS Company

MINNEAPOLIS, Minn. — Daikin Applied Americas recently announced it is acquiring a minority ownership stake in Riptide IO, a software company that focuses on helping building owners connect, manage and automate building equipment by bringing the full benefit of the Internet of Things to commercial buildings. Terms of the deal are not being disclosed.

Riptide IO has been a strategic partner to Daikin Applied in the development of Daikin Intelligent Equipment, the industry’s first, true cloud-based technology platform for HVAC equipment that harnesses the IoT. The current Riptide IO leadership team will continue to drive the company’s strategy and day-to-day operations. Daikin Applied President and CEO, Michael Schwartz, will join the Riptide IO board of directors.

This move affirms Daikin Applied’s investment in Intelligent Equipment and the market’s response to the platform. Daikin’s technology is helping building owners acquire and leverage useful and actionable analytics to deliver comfort to visitors and occupants with the most cost-effective and sustainable use of energy.

Riptide IO brings experience that includes working with marketing-leading, customer-focused organizations that prioritize sustainability and energy efficiency, including several Fortune 100 companies. The Riptide IO team has a track record of bringing cloud-based automation to small buildings that translates to lower complexity and focuses on making it easy for customers to create smarter buildings and a better run business.

For more information, visit Riptide IO and Daikin Applied.