Schneider Electric to acquire InStep Software
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. Officials say it is the latest acquisition from the company’s growing software business and will deepen its presence in the power and energy market. The transaction is expected to close in the fourth quarter of 2014, subject to customary regulatory and other closing conditions.
Chicago-based InStep was founded in 1995 and 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 behavior that are often the early warning signs of imminent failures. The company also offers its 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.
“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, Ph.D., executive vice president of Schneider Electric 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.”