There are a lot more than six sides to Hexagon AB, the Swedish holding company that last year added Intergraph to its portfolio. Hexagon’s network of nearly 50 subsidiaries focus on measurement and design of objects as small as microchips and as large as power plants and electric grids. Hexagon recently reported results that show solid organic growth and begin to offer visibility into Intergraph’s performance, after 5 years of minimal public disclosures.

The Intergraph acquisition closed at the end of October 2010, meaning that the reported results contain only two months of combined operations. Hexagon ultimately intends to leverage Intergraph by selling its sensor hardware with Intergraph’s 3D modeling software as one bundled product, but that is in early stage development at this point and any such gains are not yet reflected in Hexagon’s operating results.

Hexagon reported that net sales increased 20% in 2010, to SEK 14.15 billion (about $2.23 billion or €1.61 billion). Roughly 17% of this growth was organic, due to a recovery in demand from traditional customers and growth in emerging markets. For Q4, revenue was SEK 4.69 billion, up 52% as reported and up 24% on an organic basis — this means that Intergraph contributed SEK 1.069 billion ($168 million), 23% of sales for the quarter.

Even that relatively modest contribution had a significant impact on Hexagon, changing the geographic mix to more heavily rely on North America and de-emphasize Europe and improving operating profitability by 2% in the Measurement Technologies reporting segment.

CEO Ola Rollén said that Intergraph “has delivered a result that is above our expectations, mainly due to strong demand from the power and energy markets and our rapid implementation of cost synergies. For 2011 we will try to speed up the planned launch of the many exciting customer solutions we are developing combining Hexagon with Intergraph

Mr. Rollén declined to comment on specific targets for 2011, but did say that Hexagon expects to see growth in emerging markets and continued recovery in Western Europe and North America — and, of course, adding Intergraph’s operations for the full year will leave Hexagon a vastly different company than it was in 2010.

But we are (well, I am) interested in greater detail on Intergraph’s operations and the Process, Power and Marine (PP&M) division in particular, so spoke with Patrick Holcomb, EVP PP&M, about how 2010 shaped up and what he sees coming in 2011. Mr. Holcomb and I covered a lot of topics, but here are the highlights:

• PP&M revenue in 2010 was $371 million, up 17% from $317 million in 2009. Clearly, customers were not at all phased by the change in ownership — Mr. Holcomb said that he detected no change in buying habits or patterns that could be ascribed to the Hexagon acquisition.

• In fact, he sees customer outlook “modestly improving”, leading PP&M to be “cautiously optimistic” about 2011.

• By geography, nothing much changed in 2010. Hexagon had said that EMEA accounted for 40% of PP&M sales, North America: 29% and Asia: 25% in 2009 — Mr. Holcomb said that India and China outgrew Russia within BRIC+M (Brazil, Russia, India, China, Middle East) to “modestly” shift the overall mix toward Asia.

• The success appears to be spread across product lines, with SmartPlant 3D a “huge success” and COADE having its “biggest year ever”.

• For 2011, Mr. Holcomb sees PP&M making continued inroads in the owner/operator customer set, highlighting PP&M’s offerings for construction and asset operations.

• A number of people have asked me about how the planned integration between Hexagon’s LIDAR (laser scanning) offerings and PP&M’s solutions will affect their company’s choice of LIDAR platform. The concern is that Hexagon could create a closed system using only on its products — not to worry, says Mr. Holcomb. Integrating Leica and SmartPlant 3D for surveying, operations and maintenance, and fabrication and construction is important for many customers, but will not affect SmartPlant 3D’s ability to use data from Z+F and others.

• Another question I get occasionally is about PDS, Intergraph’s prior-generation plant design product. Mr. Holcomb says that PDS is still on the price list, that new clients can buy PDS and that support is not going away any time soon.

• Finally, R&D. I had noticed that Intergraph had been spending less and less on R&D as a proportion of total company revenue, and wondered how that affected PP&M. For example, the last time Intergraph filed as a public company, it reported spending about 10% of total revenue on R&D — and since this is an expense item that financial buyers often try to reduce, I asked Mr. Holcomb to comment on current levels of R&D spend. Mr. Holcomb said that PP&M’s R&D spend has always been quite high, totaling $51 million in 2009 (16% of revenue).

PP&M seems to be on a roll, thriving regardless of ownership and investing in R&D for the future. Hexagon will offer guidance for 2011, and perhaps PP&M-specific goals, in June.

Exchange rates used: SEK 1 = €0.11370 = $0.15737. Hexagon AB has historically reported results in Swedish Krona but since the vast majority of its revenue is now from outside Sweden and denominated in other currencies, the company will report in in Euros from Q1 2011 forward.)