EDMONTON (CP) -- Honeywell said Thursday it has agreed to acquire Matrikon Inc., which makes software aiming to improve manufacturers\' safety and efficiency, for about $142 million.
The purchase price is equivalent to 4.50 Canadian dollars ($4.39) per share.
Honeywell said Matrikon will provide applications that monitor oil and gas well performance and mining equipment as well as cybersecurity and alarm management systems.
The deal is subject to approval by Matrikon\'s shareholders.
Matrikon, based in Alberta, Canada, had sales of about $80 million in the fiscal year that ended in February.
Matrikon will be integrated into Honeywell Process Solutions, which is part of Honeywell\'s Automation and Control Solutions business group.