IBM has announced its acquisition of Prescinto, a software-as-a-service company specializing in renewable energy asset management. This strategic move aims to enhance IBM’s existing asset lifecycle management tools by integrating Prescinto’s advanced software, which utilizes artificial intelligence and machine learning to assist asset managers in optimizing their renewable energy portfolios.

Based in Bangalore, India, Prescinto brings a wealth of experience and a diverse client base from 14 countries, managing a collective 16 gigawatts of power generation assets. Its platform offers features for data capture and monitoring, as well as AI-driven insights and recommendations for maintenance and operational efficiency.

IBM’s Maximo Application Suite, already popular among water, natural gas, oil, and nuclear companies, has been increasingly adopted by organizations exploring alternative energy sources like solar and wind. According to a recent report from the International Data Corporation, IBM’s Maximo suite holds a significant market share of 10.8% in the asset lifecycle management sector.

The integration of Prescinto’s capabilities will enable IBM’s clients to monitor the performance of their renewable energy assets in near real-time, allowing for the identification of underperformance and the implementation of optimized operational strategies. Dekeyrel acknowledged the unique challenges posed by the management of advanced technologies such as turbines and solar panels, reinforcing IBM’s commitment to aiding organizations in navigating this transition.

The acquisition coincided with recognition from research firm Verdantix, which awarded IBM’s Maximo suite the highest scores for functional and technical capabilities among enterprise asset management solutions. IBM is now positioned alongside notable competitors like Hexagon and ServiceNow in the market.

The global market for utilities asset management is projected to grow significantly, with estimates suggesting an increase from $4.3 billion in 2021 to $12.4 billion by 2031, as highlighted by a 2022 study from Allied Market Research. This acquisition places IBM in a strong position to capitalize on this expanding sector and further its sustainability initiatives.