IBM acquires Bengaluru-based SaaS firm to expand renewables offering

International Business Machines (IBM) has acquired Bengaluru-headquartered Prescinto Technologies, a unit of Gensol Group. The size of the deal could not be ascertained. 

The company, which operates an online platform prescinto.ai, uses artificial intelligence (AI) to monitor, provide analytics and automation to streamline and manage renewable energy operations.

Prescinto's acquisition will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management, IBM said in a statement. 

With the buyout, IBM will tap into the growing global utilities asset management market, which is expected to grow to tens of billions of dollars by the end of the decade as per some researches.

"The acquisition will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimise generation," IBM said. 

The company was founded by Puneet Jaggi, Anmol Jaggi, and Sanjay Bhasin in 2016 as part of renewable energy company Gensol and services customers across 14 countries with 16 GigaWatts under management. 

Prior to the acquisition, the company counted 9Unicorns Fund, Faad Network Pvt. Ltd, Firstport Ventures LLP, Inflection Point Ventures LLP among its backers.