By Gregory Hale
In a move to strengthen its software portfolio, Schneider Electric, dealt for InStep Software, a provider of real-time performance management and predictive asset analytics software and solutions.
“We work in a competitive environment and that is good because it keeps us on our toes,” said Ravi Gopinath, Ph.D., executive vice president, Schneider Electric Global Solutions, Software Business during his keynote address Tuesday at the 2014 Schneider Electric Software Global Customer Conference in Orlando, FL. “We are constantly looking at our portfolio where we can grow organically or inorganically.”
Where there may be a void in software technology, Gopinath said they can fill those areas with an acquisition of an up and coming software provider, like InStep.
The deal will strengthen Schneider’s presence in the power and energy market. “We expect the deal to close in the fourth quarter this year,” Gopinath said.
Headquartered in Chicago, 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.
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 behavior that are often the early warning signs of imminent failures.
InStep also has 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.
eDNA software can potentially complement Schneider’s Wonderware Historian software.
“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,” said Rob McGreevy, vice president, information, operations and asset management at Schneider.
InStep Software’s management team will to operate the 70-employee company, which started up in 1995.