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The financial details of the transaction were not disclosed.
“The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management…It will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimise wind, solar, and other renewable energy storage assets,” IBM said in a statement.
Founded in 2016 by first generation entrepreneur Puneet Jaggi, Bengaluru-based Prescinto leverages artificial intelligence (AI) to enable advanced monitoring, analytics and automation to streamline renewable energy operations and manage clean energy and storage assets. Its services help merge clean energy plant data with latest technology to deliver increased power generation.
The company has been backed by venture capital funds including startup incubator and accelerator Venture Catalysts, Inflection Point Ventures, Mumbai Angels and LetsVenture.
Prescinto works with and services global customers across 14 countries with 16 GigaWatts under management. Prescinto’s application performance monitoring (APM) capabilities aims to help organisations simplify operations and maintenance to maximise return on investment (ROI).
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Quoting data from Allied Market Research, the IBM statement said, “The value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a CAGR of 11.3%.”IBM has been acquiring businesses to build capabilities in software, cloud, consulting, automation, AI and data.
In September, IBM made two announcements including purchase of US-headquartered Kubecost led by co-founder & CEO, Webb Brown and co-founder & CTO, Ajay Tripathy, to broaden hybrid cloud cost management capabilities. It also proposed to acquire Accelalpha, a US-based global Oracle services provider.
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