Schneider Electric entered into an agreement to acquire InStep Software, a provider of real-time performance management and predictive asset analytics software and solutions.
The transaction is expected to close in the fourth quarter of 2014, subject to customary regulatory and other closing conditions.
Headquartered in Chicago, Ill. and founded in 1995, InStep 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.
eDNA software strongly complements Schneider Electric’s Wonderware Historian software, and PRiSM software enhances the company’s information and asset management software offerings. Many of the world’s most successful companies use InStep’s software products to manage and analyze the rapidly growing amount of real-time operational and machinery asset-health-related information, but its solutions also complement Schneider Electric’s offerings in several other industries, including food & beverage, consumer packaged goods, metals & mining, life sciences and water & wastewater.
InStep Software will continue to be managed by its existing executive team, adding about 70 employees to Schneider Electric’s operations in the U.S. Financial terms of the agreement were not disclosed.