IDEX Corp: Nexsights, WinCan & Wastewater Systems

This is a snippet of the transcript, sign up to read more.

Do you have any insights on the competitive landscape for that software business? How many other companies provide such software?

Yes, when it comes to pipe inspection software, it was a very good business due to limited competition. Some camera producers developed their own software, but the strength of WinCan was that for pipe inspections, you need to adhere to proper standards. Otherwise, the city won't accept your report. If you're conducting inspections, you need to follow the standards.

This is a snippet of the transcript, sign up to read more.

You have a compliance list that you must follow.

Yes, exactly. The software that WinCan produced covered almost all standards worldwide. The standards in Japan, Europe, the DACH region, the US, and other countries all have their own standards. Our software was designed to deliver these standards through special templates. It would read and interpret them properly, displaying the correct icons and formulas. Thanks to this, our software had little competition. For instance, in Germany, there was a company called IBAK, similar to iPEK, which developed its own software. Sometimes they purchased software from WinCan, but they also had their own for certain activities. WinCan was doing quite a lot. It might seem like simple software, but it's quite advanced. For example, WinCan was the first company to introduce AI. At that time, we had our own AI model capable of detecting specific anomalies or defects inside the pipes. I'm not sure about its current state, but two years ago, it was in good shape.

This is a snippet of the transcript, sign up to read more.