Thermax acquires ExactSpace for $3.3M

ExactSpace is an industrial AI company. On February 27, 2026, Thermax announced it would acquire ExactSpace for ₹304.8M ($3.3M) (stock). Thermax Group is an INR 5516 crore company, providing a range of engineering solutions to the energy and environment sectors. At the middle of Crunchbase's revenue estimate ($1M to $10M) the price works out to roughly 1× revenue.