IBM acquires Prescinto to boost renewable energy asset management capabilities

IBM has announced the acquisition of asset performance management (APM) software-as-a-service (SaaS) provider Prescinto for renewables. Prescinto was founded in 2016 and is headquartered in Bangalore, India. It works with and services global customers across 14 countries with 16 GigaWatts under management. It leverages artificial intelligence (AI) to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets.

What the acquisition means for IBM
The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. Additionally, it will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimize wind, solar, and other renewable energy storage assets.

The acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation.

Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS which was recently recognized as a market leader in Enterprise Asset Management (EAM) by the independent research and advisory firm Verdantix, receiving top marks in the report "Green Quadrant: Enterprise Asset Management Software 2024."

Earlier this year, Verdantix also named IBM MAS a leader in Asset Performance Management (APM) in the report “Green Quadrant: Asset Performance Management Solutions 2024.”