Schneider Electric to acquire InStep Software
October 6, 2014 | By Manufacturing AUTOMATION
Oct. 5, 2014 – Schneider Electric has entered into an agreement to acquire InStep Software, a provider of real-time performance management and predictive asset analytics software and solutions. It is the latest acquisition from the company’s growing software business, and deepens its presence in the power and energy market. The transaction is expected to close in the fourth quarter of 2014, subject to customary regulatory and other closing conditions.
Headquartered in Chicago, Ill., and founded in 1995, InStep provides two primary real-time performance management and predictive analytics software solutions. Its eDNA historian software collects, stores, analyzes, displays and reports on real-time operational and machinery sensor data. Its PRiSM predictive analytics software monitors the real-time health and performance of critical assets by using advanced pattern recognition and diagnostic techniques to identify subtle deviations in operating behaviour that are often the early warning signs of imminent failures. The company also offers its EBS energy management software, which helps universities reduce their utility costs by analyzing energy consumption and streamlining the utility billing, cost allocation and reporting processes.
“Acquiring InStep Software is indicative of our commitment to delivering game-changing technology and powerful new solutions that improve efficiency, manage risk and drive higher levels of customer value,” said Ravi Gopinath, Ph.D., executive vice-president, Schneider Electric Global Solutions, Software Business. “They have a proven, experienced team who are dedicated to helping their customers achieve new levels of value, performance and profitability, and we are delighted to welcome them to Schneider Electric.”
“As with other recent acquisitions, InStep Software strengthens our portfolio in targeted industries and segments,” said Rob McGreevy, vice-president, information, operations and asset management, Schneider Electric. “Their solutions give us additional, stronger data management and predictive analytics capabilities in the power and energy management industries, including power transmission and distribution, and will help us fulfill our strategic plans around Big Data, the Internet of Things and other emerging trends. With InStep, we strengthen our reputation as an industry game changer, and we are immediately more competitive in traditional process manufacturing, which fits with our overall strategy of improving our access to the utilities market in North America.”
InStep Software will continue to be managed by its existing executive team, adding approximately 70 employees to Schneider Electric’s operations in the United States. Financial terms of the agreement were not disclosed.