Mitsubishi Electric announced plans to acquire the remaining shares of Iconics, a U.S. software company focused on SCADA, Internet of Things, mobile, analytics and cloud software products for the manufacturing, industrial and building-automation markets, to make the company a 100% subsidiary within the Mitsubishi Electric Group. By combining Iconics' software-developing capabilities and Mitsubishi Electric's factory-automation technology, the company hopes to enhance its software product lineup and edge-computing capabilities.

The acquisition is subject to regulatory approval and other customary closing conditions, and is expected to close within Mitsubishi Electric's fiscal year ending in March 2020.