CHICAGO, April 16, 2018 /PRNewswire/ -- Industrial AI
software leader Uptake today announced that it has acquired
Albuquerque-based Asset Performance Technologies, Inc. (APT) for an
undisclosed amount. The acquisition provides Uptake with the
world's most comprehensive library of equipment failure modes used
for preventive and conditions-based maintenance optimization in
power generation, petrochemical, oil and gas, steel and other
industries.
APT's SaaS product, Preventance APM, leverages the company's
Asset Strategy Library (ASL), which has failure mode information
for nearly 800 equipment types and helps industrial customers
implement advanced maintenance strategies. This results in
increased operational uptime and plant reliability while reducing
operations and maintenance costs. The software dynamically adjusts
to changing operating conditions, plant requirements and economic
market conditions.
APT's Asset Strategy Library is already the "intel inside" (the
brains) for asset performance management products in the market
today. Uptake will leverage the ASL to build not just static
digital twins but learning digital twins that get better every day.
This data supercharges Uptake's industrial asset graph, mapping how
subsystems, components and machines across the industrial world
relate and work with each other.
"Combining the world's largest library of machine failure data
with Uptake's leading industrial AI & IoT products allows us to
go deeper and deliver outcomes that matter," said Uptake President
Ganesh Bell. "This commitment to provide platform and applications
with vertical content makes Uptake the strategic partner of choice
to industrial companies as they undergo their digital
transformations and liberate themselves from one-sided maintenance
contracts."
APT's co-founders, Dr. David
Worledge and Glenn
Hinchcliffe, began developing condition and
environment-specific preventive maintenance information on nuclear
plants in the late 1990s for the Electric Power Research Institute
(EPRI), the electric utility industry's research arm. That work was
the genesis of the ASL.
"Adding AI is the natural next step in the evolution of our
technology," said APT CEO Mark
Benak. "We look forward to working with Uptake to help our
customers achieve new levels of operating efficiency and safely
managing risk."
Worledge and Hinchcliffe, along with Benak and APT's other
employees, have joined Uptake.
"Even though they produce massive amounts of data, industrial
companies often lack key inputs needed to optimize assets and
extend their life cycles. Without that, operations struggle to
understand what to do and when," said Mike
Guilfoyle, director of research and senior analyst at ARC
Advisory Group. "By combining deep operational and equipment
knowledge with predictive analytics, companies can take a proactive
approach to asset management that converts data into business
value, reducing capital outlays and leading to efficiencies, safer
operations and greater reliability."
APT's customers include ENMAX Energy, the Palo Verde nuclear plant in Arizona, SABIC IP, Suncor Energy and US Steel.
For more information about APT and its customers, visit
www.assetperformanceinc.com.
ABOUT UPTAKE
Uptake enables the world's vital
industries to unlock the transformational power of artificial
intelligence. As an industrial AI software leader, Uptake's
products combine the cutting-edge insights produced from artificial
intelligence with information gleaned from the physical world,
helping the world's leading companies move smarter and faster.
Headquartered in Chicago, Uptake
works with industrial customers of all sizes across the globe to
use software and data to reimagine their industry.
press@uptake.com
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SOURCE Uptake