Hexagon

Capital allocation is driven by the CEO and the board of directors, with M&A sourcing executed by a dedicated corporate development team. Paolo Guglielmini has led the firm as President and CEO since December 2022, while Ola Rollén remains Chairman and continues to shape long-term strategy. The firm historically targets roughly one acquisition per month, a cadence Rollén established during his 22-year tenure as CEO.

Hexagon sources acquisitions primarily through its decentralized division leaders, who identify bolt-on targets within their respective geographies and verticals. The firm rarely uses auctions, preferring bilateral negotiations with founder-owned measurement-software, sensor, and industrial-automation businesses. Its reputation as a long-term operator rather than a financial buyer gives it an advantage with sellers who care about technology continuity.

Hexagon is a publicly listed industrial operating company on Nasdaq Stockholm, not a private equity fund. However, it deploys an unusually aggressive acquisition strategy: over 170 deals since 2000, funded from operating cash flow and modest leverage, with acquired companies integrated permanently into its technology stack rather than held for resale. The firm's high R&D-to-revenue ratio (above 15%) signals an operator operating model, not an asset gatherer.

Hexagon Ventures writes minority checks into early-stage startups, typically Seed through Series B, focused on spatial computing, edge-AI for manufacturing, and autonomous systems. The unit operates separately from the core acquisition strategy—its mandate is to map emerging technology, not to acquire revenue. Portfolio companies gain access to Hexagon's customer base and sensor data, though the firm does not publicly disclose standard check sizes.

Hexagon avoids consumer-facing technology, healthcare, financial services, and pure-play software-as-a-service outside of industrial workflows. The firm's public posture and deal history show no appetite for moving outside manufacturing, infrastructure, and geospatial sensing. Even within software, it acquires only companies that connect to physical-world measurement, analytics, or asset operations.

Dassault and Siemens built their digital-twin platforms from the PLM software layer downward; Hexagon built upward from physical measurement sensors. That means Hexagon controls the data-capture hardware that feeds the digital model, giving it a closed-loop advantage in calibration, error correction, and real-world accuracy. Competitors often rely on third-party sensors, while Hexagon owns the full chain from scanner to cloud.

Hexagon operates the Hexagon Sustainability Ventures program, which focuses on technologies that reduce carbon emissions in industrial sectors, but the firm does not maintain a dedicated philanthropic foundation as a separate legal entity. Its primary ESG mechanism is product-level: the same digital-twin tools that reduce waste in automotive manufacturing are positioned as sustainability enablers.