IBM Acquires Prescinto to Enhance RE Solutions

Global tech giant, IBM, has announced its acquisition of Bengaluru-based Prescinto, a provider of asset performance management (APM) software-as-a-service (SaaS) tailored for the renewable energy sector.

With this acquisition, IBM aims to enhance its Maximo Application Suite (MAS), which focuses on asset lifecycle management, by integrating Prescinto’s advanced capabilities that leverage artificial intelligence for monitoring, analytics, and automation in renewable energy operations.

Highlighting the significance of such solutions in the renewable energy sector, the firm stated, "As organisations increasingly seek alternative energy sources, such as wind and solar, to reduce emissions and lower energy costs, managing the performance of high-tech devices like turbines and solar panels poses significant challenges. Environmental factors, including weather conditions and debris accumulation, can negatively impact energy output, system effectiveness, and overall uptime."

Referring to a market report, the statement noted, "According to Allied Market Research, the global utilities asset management market is projected to grow from USD 4.3 billion in 2022 to USD 12.4 billion by 2031, reflecting a compound annual growth rate (CAGR) of 11.3 percent."

"IBM’s acquisition of Prescinto will solidify its leadership in the energy and utility sector, which is currently undergoing transformative changes. Existing IBM MAS clients include global enterprises across water, natural gas, oil, and nuclear energy sectors, all seeking robust solutions to optimise renewable energy storage and production assets," the firm stated in its statement.

IBM MAS has been recognised as a market leader in Enterprise Asset Management (EAM) by Verdantix, an independent research and advisory firm, receiving top marks in its recent report, 'Green Quadrant: Enterprise Asset Management Software 2024'.

Earlier this year, IBM MAS was also named a leader in Asset Performance Management (APM) in Verdantix’s report 'Green Quadrant: Asset Performance Management Solutions 2024,' making IBM the only vendor acknowledged as a leader in both reports.

The acquisition aligns with IBM’s commitment to supporting clients in achieving sustainability goals and reaching net-zero emissions. It empowers users to monitor the performance of solar, wind, and energy storage assets in near real-time, identify root causes of underperformance, and recommend corrective actions to optimise energy generation. For instance, solar power plants can lose efficiency over time due to dust and debris on their panels," the statement added.

It further noted, "Prescinto’s renewable APM software employs visual recognition capabilities to monitor assets, enabling early identification of issues and prompting necessary actions to restore efficiency. This capability allows for real-time tracking of panel performance, facilitating efficient cleaning operations and ensuring a prompt organisational response before energy output declines."

According to the statement, Prescinto operates across 14 countries, managing 16 GW of renewable energy assets. Its APM solutions simplify operations and maintenance, maximising return on investment (ROI). Prescinto offers features such as data capture using open-source protocols, centralised asset visualisation, real-time monitoring, and AI-driven analysis to detect losses and visualise data trends.