By Alyssa Dalton
October 10, 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. The transaction is expected to close in the fourth quarter of this year.
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 EBS energy management software, which aims to help universities reduce their utility costs by analyzing energy consumption and streamlining billing, cost allocation and reporting processes.
When combined with Schneider’s existing software offering, the combined capabilities and expertise in the power and energy segment will allow for broader end-to-end visualization, asset management, operations and mobile solutions to customers, noted John Kalanik, president of InStep Software.
Meanwhile, Schneider Electric hopes that the acquisition will strengthen its “reputation as an industry game changer”, making it more competitive in traditional process manufacturing.
“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, executive vice-president, Schneider 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.”
InStep Software will continue to be managed by its existing executive team, adding about 70 employees to Schneider’s operations in the United States.