Prometheus Group Acquires VIZIYA Bringing In New BI Capabilities To Enhance Safe Operations And Asset Health
On 19th May Prometheus Group, a maintenance optimization platform provider backed by Genstar, acquired VIZIYA Corporation, a provider of analytics and business intelligence tools for asset maintenance, from Quarterhill, a Canada-based publicly traded patent licensing firm for CAD 49.4 million ($36.37 million) in cash proceeds. VIZIYA Corporation was founded in 2006 and then acquired by Quarterhill in 2017 for CAD 25.6 million ($18.9 million) in cash proceeds which included contingent consideration of CAD 6.45 million ($4.8 million).
Prometheus Group offers a platform that allows easy scheduling of maintenance work. On May 30th, 2019, Genstar Capital, a private equity investor with $19 billion under management, acquired Prometheus Group for over $1 billion. Between then and the acquisition of Viziya, Prometheus has made three other acquisitions. On 25th October 2019, Prometheus acquired Engica, an operational risk management software vendor. On 2nd December 2019, it acquired Roser Consys, a plant shutdown, turnaround and outages software provider and on 23rd April 2020, it acquired WorkTech, an enterprise workforce management software provider. This spate of acquisitions has not only given Prometheus Group ‘Unicorn’ status, but has also placed it at the forefront of the maintenance scheduling and analytics market.
Prometheus Group continues to grow even while the global economy continues to struggle due the COVID-19 pandemic. A key driver contributing to Prometheus’ continued growth is the corporate need for enhanced work scheduling requirements, including safe working measures, brought about by the pandemic. The pandemic is driving demand for remote work and operations solutions such as e-permits, digital shift handovers, and access to maintenance work data on a mobile device, to reduce in-person interactions.
According to the Verdantix 2019 survey of 284 operations managers, the two top priorities for firms to improve over the next two years as part of their firms’ operational excellence initiatives are safe operations and asset health. Prometheus Group’s maintenance optimization platform sits at the heart of this trend, both enabling operations teams to schedule as well as manage work safely with control of work capabilities, while also ensuring that engineering and maintenance teams are checking and fixing vital equipment through integrations with EAM systems. This acquisition of VIZIYA strengthens Prometheus Group’s position in the maintenance optimization market with extended reach and new business intelligence capabilities. Customers can use the BI tools within VIZIYA’s WorkAlign Suite to enhance their maintenance workflow, as well as providing asset insights straight from the IIoT layer.