How many acquisitions has Thermax made so far?

Thermax has completed 5 acquisitions so far, with an average acquisition amount of $6.82M.

In which year did Thermax make the most acquisitions?

Thermax was most active in 2024, with 2 acquisitions completed in that year.

List of 5 Acquisitions by Thermax (May 2026)

Q: Which is Thermax's latest acquisition?

Thermax's most recent acquisition is ExactSpace, a Developer of an AI-powered digital twin platform for industrial operations, acquired in March 2026 for $3.35M.

Thermax has completed a total of 5 acquisitions. Peak acquisition activity occurred in 2024 with 2 acquisitions, followed by 1 acquisition each in 2026 and 2016. These acquisitions spanned 2 countries: India (4 acquisitions) and Denmark (1 acquisition). The 5 distinct sectors engaged include Manufacturing Tech, Digital Twin, and Waste & Water Management, each accounting for 1 acquisition. Over the last five years (2020–2025), the average number of acquisitions per year has been 0.4, with 1 acquisition completed so far in the current calendar year. The most recent acquisition was ExactSpace, a developer of an AI-powered digital twin platform for industrial operations, founded in 2018 and located in Bengaluru. This acquisition was finalized in February 2026 for $3.35M.

Here's the year on year acquisition history of Thermax:

Number of Total Acquisitions

Year	# Acquisitions
2026	1
2024	2
2016	1
2010	1

View all Acquisitions by Thermax

Recent acquisitions by Thermax

Thermax's most recent acquisition - ExactSpace is a Developer of an AI-powered digital twin platform for industrial operations, founded in 2018 and located in Bengaluru. Thermax acquired a 51% stake in it in March 2026 for a price of $*****.

Here is the list of all acquisitions by Thermax sorted by the latest acquisition date:

Acquired on	Acquired Company	Acquisition Price	Facilitators	Stake Acquired	Acquisition Multiple
Feb 27, 2026	ExactSpace	vscu	jau{	84	144
Oct 25, 2024	Buildtechproducts	lwmr	hvyt	78	936
Feb 06, 2024	TSA	mhwt	vqbi	19	708

View the full list of acquisitions

Media has covered Thermax for a total of 8 events in the last 1 year, 3 of them have been about acquisition activity.

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Thermax ready to support energy transition: Executive VPv magazine•Feb 19, 2026•HydrogenPro, Thermax

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Thermax secures exclusive rights to make HydrogenPro electrolysers in India2 View•Aug 12, 2025•Thermax, HydrogenPro

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Thermax partners with Norway’s HydrogenPro on alkaline water electrolysis solution for large-scale hydrogen projectsv magazine•Aug 12, 2025•HydrogenPro, Thermax

View More Thermax Recent News

View all Acquisitions by Thermax

Acquisitions by Thermax

List of Thermax's Acquisitions

Recent acquisitions by Thermax

News related to Thermax's acquisitions

FAQs about Acquisitions by Thermax