IBM has announced its acquisition of Prescinto, a provider of asset performance management (APM) software-as-a-service (SaaS) for the renewable energy sector.
Prescinto, based in Bangalore, India, leverages AI-driven monitoring, analytics, and automation to optimize renewable energy operations, including the management of solar, wind, and energy storage assets. This acquisition is poised to enhance IBM’s Maximo Application Suite (MAS), a platform widely used for asset lifecycle management across various energy sectors.
The utilities asset management market, valued at $4.3 billion in 2022, is projected to reach $12.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 11.3 percent, according to Allied Market Research. IBM’s move positions the company to capitalize on this growth, expanding its leadership in the energy and utility sectors.
According to the IDC’s Worldwide Asset Life-Cycle Management Applications Market Share report, IBM is ranked number 1 for 2023 market share in ALM with a share of 10.8 percent in 2023.
IBM MAS has already been recognized as a market leader in both enterprise asset management (EAM) and APM by Verdantix, a research firm, underscoring its prominent role in supporting sustainability and net-zero initiatives. With the addition of Prescinto, IBM will further enable clients to monitor renewable energy assets in real-time, identify performance issues, and optimize energy generation.
Prescinto, founded in 2016, services customers in 14 countries, managing 16 GigaWatts of renewable energy assets. Its AI-powered APM capabilities help organizations simplify operations and maintenance, improving return on investment (ROI) in renewable energy projects.
