Bangalore, October 15th: Multinational technology giant IBM has purchased Prescinto, a leading provider of software-as-a-service (SaaS) for asset performance management (APM) to the renewable energy sector. The acquisition, which was completed for an undisclosed sum, will significantly enhance IBM’s Maximo Application Suite (MAS), an asset lifecycle management system. The move is seen as a part of IBM’s bigger strategy to grow its market share in the rapidly changing utilities and energy industries.
Credits: Latestly
IBM will be able to offer cutting-edge solutions to assist energy firms in managing and optimizing renewable energy assets, including solar, wind, and storage systems, thanks to this acquisition. IBM should be better equipped to assist clients in reaching their sustainability objectives and maximizing asset performance thanks to Prescinto’s AI-powered capabilities.
IBM Strengthens Its Presence in the Energy and Utilities Sector
The energy and utility sector is witnessing a profound transformation as companies shift toward renewable energy sources to reduce emissions and lower costs. IBM has long been a key player in this space, offering its Maximo Application Suite (MAS) to help manage the lifecycle of assets for industries ranging from water and natural gas to nuclear power. However, as the focus shifts to clean energy, IBM is making strategic moves to enhance its renewable energy capabilities.
With the acquisition of Prescinto, an APM solutions provider for renewable energy, IBM will be in a stronger position to maintain its market-leading position. Founded in 2016, Prescinto is based in Bengaluru, India, and has grown to become a reliable partner for renewable energy companies around the world. Thanks to the company’s technology, 16 gigawatts of energy assets are managed across 14 nations, providing IBM with instant access to a diverse clientele and a wealth of industry knowledge.
A Growing Market for Asset Management in Renewables
Future predictions indicate that the global utilities asset management market will grow at a rapid rate. As estimated by Allied Market Research, the market will increase at a compound annual growth rate (CAGR) of 11.3 percent to reach $12.4 billion by 2031 from its $4.3 billion valuation in 2022. What is behind this dramatic surge is the growing usage of renewable energy sources like solar and wind power, as well as the need for more efficient energy storage systems.
Energy firms need cutting-edge solutions to manage and maximize the performance of their renewable infrastructure investments because they are making significant financial commitments. Prescinto’s experience proves quite useful in this situation. Its software makes use of artificial intelligence (AI) to track renewable energy installations in almost real-time, spot problems with performance, and offer recommendations for improving ROI and efficiency.
Credits: Entrackr
With this acquisition, IBM hopes to establish itself as a leader in the energy transition in addition to improving its software skills. IBM will be in a better position to assist clients in meeting their net-zero emissions targets and optimizing the operation of their renewable energy systems now that Prescinto’s AI-driven APM software has been integrated into MAS.
Prescinto’s Advanced Capabilities to Boost IBM’s Maximo Application Suite
IBM’s MAS product will be much improved by the variety of features that Prescinto’s APM software offers. Prescinto’s technology leverages artificial intelligence (AI) to automate, streamline, and monitor renewable energy processes. This enables operators to swiftly detect and address problems that could affect the production of electricity by tracking and monitoring the functioning of assets like solar panels and wind turbines in almost real-time.
IBM’s MAS will now provide even more sophisticated solutions for controlling complex energy systems by combining Prescinto’s capabilities. With the use of these solutions, energy businesses will be able to track performance, pinpoint the main reasons for underperformance, and suggest improvements to generation.
