Athira Sethu
Kochi, 15 October 2024
IBM has acquired Prescinto Technologies, a Bengaluru-based company that works in the domain of solar monitoring and analytics. Prescinto provides SaaS-based performance management of renewable assets. The financial terms of the deal were not disclosed.
The objective of this acquisition is to enhance the IBM Maximo Application Suite, which focuses on asset lifecycle management. IBM has stated that this acquisition would further consolidate its leads in the energy and utility sector, an area of rapid evolution of the market with a high need for better ways of managing and optimizing renewable sources of energy such as wind and solar.
Prescinto, founded in 2016 by Puneet Jaggi, uses artificial intelligence to improve monitoring and analytics capabilities in the operations of renewable energy and to make clean energy and storage asset management feasible. What it does is combine data from clean energy plants with advanced technology to boost power generation.
The company has received backing from a variety of venture capital funds, including Venture Catalysts, Inflection Point Ventures, Mumbai Angels, and LetsVenture. Prescinto supports 14 countries and manages 16 gigawatts of energy in total.
Their APM solutions are designed to make operations and maintenance easier and more streamlined for organizations, allowing them to get the best return on their ROI in renewable energy.
According to data, the global market for utilities asset management is anticipated to grow exponentially from $4.3 billion in 2022 to $12.4 billion by 2031, with a compound annual growth rate (CAGR) of 11.3%.
This deal is the company’s next step in the direction of strengthening its capabilities in software, cloud services, consulting, automation, AI, and data management. IBM had earlier this month acquired Kubecost, another firm that specifically focuses on hybrid cloud cost management, and would acquire Accelalpha, a global provider of Oracle services.
Acquiring Prescinto Technologies is an attempt by IBM to strengthen its renewable energy solution offer and lead the business segment, which is becoming increasingly important toward a sustainable future.
