Schneider Electric to acquire InStep Software
Predictive analytics firm to become part of expanding global software offering.
At its 2014 Software Global Customer Conference in Orlando, Schneider Electric announced its intent to purchase InStep Software, a Chicago-based performance management software company.
In a press event announcing the acquisition, Schneider Electric officials said InStep’s PRiSM software delivers predictive analytics for a growing need in the power and energy management segment. That’s a key part of Schneider Electric’s expanding software business.
"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, Schneider Electric.
Company officials said the PRiSM 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."
Following the acquisition of Invensys a year ago, Schneider Electric has focused its efforts on bringing the two companies together and leveraging the strengths of both organizations. To that end, company officials said the InStep acquisition complements the Wonderware historian software that was part of the Invensys package that was part of the merger.
Overall, company officials said they were pleased with the way Schneider Electric and Invensys have come together, both in terms of product lines and corporate culture. "I think the integration has proceeded extremely well," said Ravi Gopinath, executive vice president of Schneider Electric Global Solutions, Software Business, during his opening remarks at the Software Global Customer Conference.
– Bob Vavra is content manager, Plant Engineering, CFE Media. Edited by CFE Media, Control Engineering, Plant Engineering.
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