GCP Applied Technologies Inc. (NYSE: GCP) announced today that it has completed the acquisition of all intellectual property and related assets within SENSOCRETE™, a Canadian technology company in the ready mix concrete industry.
The patented SENSOCRETE™ probe technology will augment GCP's successful VERIFI® system which uses sensors installed on ready mix trucks to measure, manage and record concrete properties in transit. Using cloud-based technology, VERIFI® customers are connected with real-time data that helps to improve the quality and performance of their concrete, increase productivity and accelerate job completion.
Incorporating SENSOCRETE™ technology into the VERIFI® system will extend the number and type of concrete properties measured. GCP's sensor technologies, construction chemicals, and technical service expertise will offer ready mix customers an even greater range of accurate data, and in turn, significant commercial advantage.
"We pioneered data-driven concrete management in 2010 and have been leading the market ever since. By continuing to invest in our technology, GCP is helping our customers to win through improved quality, performance and productivity," said Adam Grose, President, GCP Specialty Construction Chemicals. "Now we're expanding our patent portfolio and broadening our technology offering in order to further enhance our business model and customer value proposition."
"We are witnessing strong demand for VERIFI®, and we're confident that the incorporation of SENSOCRETE™ will further accelerate this trend. GCP provides our customers with unprecedented visibility into their operations and their own delivered product," said Grose.
About GCP Applied Technologies
Through applied knowledge and service excellence, GCP Applied Technologies (NYSE: GCP) provides premier specialty construction chemicals and specialty building materials for many of the world's most renowned structures, and packaging technologies for the best-known consumer brands, delivering results for all our customers. With customers in 110 countries, operations on six continents, and a team of approximately 2,850 employees, GCP Applied Technologies had 2015 net sales of US $1.4 billion. Formerly part of the W.R. Grace & Co. group, GCP Applied Technologies Inc. became a NYSE-listed company (GCP) in February 2016, headquartered in Cambridge, Massachusetts, USA.
Additional information – FAQs
What new features will the SENSOCRETE™ technology bring to GCP and VERIFI®?
The GCP VERIFI® systems uses hydraulic, speed and temperature sensors to measure concrete quality outside of the mixer. The SENSOCRETE™ technology uses a probe inside the mixer. Combining the technologies further enhances the capability of the VERIFI® system to measure and confirm a proper mix of the concrete.
How soon will this new technology be available to VERIFI® customers?
We will begin integration of the technology into our product development immediately. Furthermore, the engineering team will continue to test and develop the product for inclusion in our VERIFI® offering.
What will be the biggest advantage, or value add for VERIFI® customers of this acquisition?
The use of probe sensors will enable the VERIFI® solution to access even greater data and information about a wider range of concrete properties. The addition of properties like conductivity, homogeneity and load size will enable more mix designs to be analyzed. The ability to then cross-reference data between the two systems will assure unsurpassed accuracy greatly enhancing the benefit to our customers.
How will the acquisition of SENSOCRETE™ technology benefit GCP?
SENSOCRETE™'s technology measures properties inside the drum mixer increasing the amount of data VERIFI® currently collects outside of the drum.
In addition to improving our VERIFI® customer value proposition, this acquisition offers business model enhancements for GCP. This new, real-time data will expand GCP's role as a data-centric technology company in the specialty construction chemicals industry.
If I'm not a VERIFI® customer now, should I just wait until the new version to become available?
The best time to become a VERIFI® customer is now, so that you can immediately enjoy the benefits of connecting with real-time data that ensures consistency and accuracy, helps to avoid waste, reduce fuel consumption, and accelerate job completion times. Any updates in the future will then further enhance the value of your investment.
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