IBM Acquires AI-Powered APM Firm Prescinto to Enhance Renewable Energy Management

IBM has acquired Prescinto, a renewable energy asset performance management (APM) SaaS firm, to improve management of renewable energy assets like wind and solar power. Prescinto's AI-driven technology enhances IBM's asset lifecycle management offering, IBM Maximo Application Suite, to better assist clients in achieving sustainability and net-zero objectives. The acquisition aims to optimize renewable energy asset performance in near real-time and promote energy efficiency.

IBM, a renowned industrial research organization, has recently expanded its horizons in the renewable energy sector by acquiring Prescinto, an innovative SaaS provider for renewable energy asset performance management (APM) [1]. This strategic acquisition underscores IBM's commitment to enhancing asset lifecycle management offerings and supporting clients' sustainability initiatives [2].

Founded in 2018, Prescinto, helmed by Puneet Jaggi, Anmol Jaggi, and Sanjay Bhasin, has gained traction in the global market by offering AI-driven solutions for advanced monitoring, analytics, and automation of renewable energy operations [1]. Their capabilities enable the management of clean energy and storage assets more efficiently, with services catering to a diverse clientele across 14 countries and 16 GigaWatts under management [1].

The acquisition of Prescinto is expected to bolster IBM's existing asset lifecycle management platform, IBM Maximo Application Suite (MAS), by integrating advanced functionalities specifically tailored to the renewable energy sector [2]. This enhancement will allow clients to monitor and manage the performance of solar, wind, and energy storage assets in near real-time, optimizing energy generation and minimizing downtime [2].

Water, natural gas, oil, nuclear, and other energy and utility enterprises worldwide already leverage IBM MAS for asset lifecycle management [2]. With the integration of Prescinto's AI-driven APM software, these clients will benefit from enhanced monitoring and management capabilities, ultimately enabling them to predict and prevent performance issues and reduce their carbon footprint in line with their sustainability initiatives and net-zero goals [2].

The global utilities asset management market is projected to experience significant growth, with Allied Market Research estimating a rise from $4.3 billion in 2022 to $12.4 billion by 2031, at a CAGR of 11.3% [2]. This growth presents a prime opportunity for IBM to capitalize on its enhanced offering and establish a strong presence in the renewable energy sector.

References:

[1] Entrackr. (2024, October 21). IBM acquires solar-focused SaaS startup Prescinto. https://entrackr.com/2024/10/ibm-acquires-solar-focused-saas-startup-prescinto/

[2] Kalpapower. (2024, October 21). IBM acquires renewable energy asset management platform Prescinto. https://kalpapower.com/ibm-acquires-renewable-energy-asset-management-platform-prescinto/