IBM Expands Renewable Energy Solutions with Prescinto Acquisition

IBM has acquired Prescinto, a Bengaluru-based SaaS solar energy startup, as part of its strategy to expand its renewable energy portfolio. The acquisition is expected to enhance the capabilities of IBM's Maximo Application Suite (MAS), which focuses on asset lifecycle management. This move positions IBM to further strengthen its presence in the energy and utility sectors, which are increasingly focused on renewable energy solutions such as wind and solar power.

Prescinto, founded in 2016 by Puneet Jaggi, Ramadas Menon, and Sanjay Bhasin, leverages artificial intelligence to identify the root causes of underperformance in clean energy plants. The platform provides real-time solutions that can boost energy generation by 5 to 7% and reduce operational costs.

While IBM did not disclose the financial details of the acquisition, it highlighted that this acquisition will enhance its leadership in renewable energy management and optimize performance across the clean energy sector.

Source: inc42.com