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News » IBM acquires Prescinto, boosts renewable energy asset management

IBM acquires Prescinto, boosts renewable energy asset management

Photo from Prescinto

NEW YORK, UNITED STATES — Tech giant IBM has acquired Prescinto, a provider of asset performance management (APM) software-as-a-service for renewables. Terms of the deal were not disclosed.

This strategy places IBM’s Maximo Application Suite (MAS) in a more dominant position and cements its leadership in the energy and utility industry.

Capacity building in renewable energy management

This is a timely deal because renewable resources have increasingly become an important feature in the world’s energy landscape. Now empowered with AI-based capabilities from Prescinto, IBM will be able to start taking advanced monitoring, analytics, and automation solutions for clean energy and storage assets to the market.

These mainly include the use of alternative energy around the world: wind and solar, among others, integrating energy storage to increase efficiency and to reduce emission. However, managing such high-tech devices is quite another thing. Weather, too, in the environment affects the quality of energy produced and the system.

Market growth and industry recognition

Allied Market Research projected that the utilities asset management market size would grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a compound annual growth rate (CAGR) of 11.3%. IBM’s acquisition of Prescinto positions the company to capitalize on this growing market.

Recently, it was ranked a market leader in EAM by an independent research firm specializing in business innovation research and advisory services called Verdantix. It comes out at the top in: “Green Quadrant: Enterprise Asset Management Software 2024.” Additionally, very recently this year, IBM MAS was just declared a leader in Asset Performance Management (APM).

Global reach and expertise

Prescinto, founded in 2016 and headquartered in Bangalore, India, serves global customers across 14 countries, managing 16 GigaWatts of renewable energy assets. The company’s APM capabilities help organizations streamline operations and maintenance to maximize return on investment.

IBM, with its extensive global presence, reported revenues of $61.9 billion in 2023 and employs over 350,000 people worldwide. It previously acquired Accelalpha, an Oracle Cloud Applications consulting provider, as part of a strategic move to enhance its Oracle services portfolio.

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