Uptake acquires Asset Performance Technologies
Uptake 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 maintenance optimization in power generation, petrochemical, oil and gas, steel and other industries, according to Uptake.
APT’s SaaS product, Preventance APM, leverages the company’s Asset Strategy Library’s (ASL) failure mode information for nearly 800 equipment types to help companies optimize and implement preventive-maintenance strategies. This results in increased operational uptime and plant reliability while reducing maintenance costs. The software dynamically adjusts to changing operating conditions, plant requirements and economic market conditions.
“Combining the world’s largest library of machine failure data with Uptake’s leading AI platform and applications will enable Uptake to provide our customers with insights that have even greater impact and value,” said Uptake CEO and co-founder Brad Keywell. “Together, we can increase reliability and productivity across many industries, making sure we keep our lights on, heat our homes, and operate our world efficiently.”
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. The ASL was an outgrowth of that initial project.
“Adding AI is the next 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 managing safety and 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.”
