IBM has announced its acquisition of Bengaluru-based Prescinto Technologies, a company specializing in solar monitoring and analytics. This strategic move aims to bolster the capabilities of the IBM Maximo Application Suite (MAS), which focuses on asset lifecycle management. According to IBM, this acquisition will further solidify its position as a leader in the energy and utilities sector, an area currently undergoing significant changes and seeking innovative solutions for optimizing and managing renewable energy assets, including wind and solar storage.
The financial terms of the deal have not been disclosed.
Founded in 2016 by entrepreneur Puneet Jaggi, Prescinto utilizes artificial intelligence (AI) to enhance monitoring, analytics, and automation processes, thereby improving the management of clean energy operations and storage assets. Their solutions are designed to integrate data from clean energy plants with cutting-edge technology, resulting in improved power generation efficiency.
Backed by notable venture capital entities such as Venture Catalysts, Inflection Point Ventures, Mumbai Angels, and LetsVenture, Prescinto has established a global presence, serving clients in 14 countries and managing an impressive 16 GigaWatts of energy.
The company’s application performance monitoring (APM) capabilities focus on simplifying operations and maintenance tasks, ultimately helping organizations maximize their return on investment (ROI).
Citing data from Allied Market Research, IBM stated that the global utilities asset management market is projected to increase from $4.3 billion in 2022 to $12.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 11.3%.
IBM’s recent acquisition strategy has aimed to enhance its expertise across various sectors, including software, cloud, consulting, automation, AI, and data solutions. Just last month, IBM announced the purchase of Kubecost, a US-based firm specializing in hybrid cloud cost management, and proposed acquiring Accelalpha, a global Oracle services provider.