NEW YORK, UNITED STATES — IBM has announced its acquisition of software-as-a-service provider Prescinto, a company specializing in renewable energy asset management software.
This move will integrate Prescinto’s artificial intelligence (AI) and machine learning (ML) capabilities into IBM’s Maximo Application Suite (MAS), positioning IBM as a leader in the energy and utility sector. The financial terms of the acquisition were not disclosed.
Prescinto, based in Bangalore, India, helps energy asset managers and operators track and optimize their renewable energy portfolios. By incorporating Prescinto’s technology, IBM aims to enhance its asset lifecycle management tools and support businesses in their sustainability efforts.
Boosting Maximo Application Suite and renewable energy solutions
The addition of Prescinto’s AI-powered software is expected to provide significant benefits to IBM’s Maximo suite. This includes improving the management of renewable energy assets such as solar power plants, where the software can detect issues like dust accumulation on panels and recommend cleaning or other corrective actions to maintain efficiency.
According to IBM, this real-time monitoring feature will allow organizations to address potential energy output problems quickly, ensuring optimal performance of renewable assets.
Capitalizing on a growing utilities asset management market
IBM’s acquisition aligns with the growing demand for utilities asset management solutions. A report by Allied Market Research projects that the market will grow from $4.3 billion in 2022 to $12.4 billion by 2031, at a compound annual growth rate of 11.3%.
IBM has already been recognized as a leader in this space by Verdantix, an independent research firm, which ranked IBM’s Maximo suite as the top performer for functional and technical capabilities in enterprise asset management software. The acquisition of Prescinto further solidifies IBM’s stronghold in the industry, allowing it to capture more of the expanding market in energy and utilities asset management.
