DOWNERS GROVE, Ill., March 29, 2021 /PRNewswire/ – Dover (NYSE: DOV) announced today that it has entered into a commercial partnership agreement with, and acquired a minority interest in, EdgePetrol Limited (“EdgePetrol”), an innovative provider of cloud-based software for revenue and operating results management to the retail fueling industry. By entering this new strategic technology partnership, Dover will enhance its offering of software solutions to the global convenience retail industry.
Based in London, England and founded in 2015, EdgePetrol offers a Software-as-a-Service solution to help retail fuel operators optimize their station performance. The secure, comprehensive solution operates in the Amazon Web Service (AWS) environment and is a complementary platform for Dover Fueling Solutions (“DFS”), which offers the enabling devices to manage the flow of underlying data.
“This innovative fuel management software complements the DFS DX cloud-based solutions and will help our customers improve their business operations and results,” said David Crouse, President of DFS. “This software can also be deployed in other applications, providing DFS with growth opportunities outside of retail fueling, including in renewable energy for transportation and various other retail verticals.”
Crouse continued, “The minority investment we’re making in EdgePetrol aligns directly with our goals of both growing our business through strategic partnerships such as these and broadening our solutions and products portfolio and roadmaps. Our commercial agreement enables DFS to market this product globally.”
Terms of the transaction were not disclosed.
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of approximately $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover combines global scale, operational agility, world-class engineering capability and customer intimacy to lead the markets we serve. Recognized for our entrepreneurial approach for over 60 years, our team of over 23,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."
Forward-Looking Statements:
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, “forward-looking” statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things, the impacts of COVID-19, or other future pandemics, on the global economy and on our customers, suppliers, employees, business and cash flows, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and our Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.