Prometheus Group makes fourth acquisition – this time it’s ‘bolt-on’ software
RALEIGH – For the fourth time in seven months, Prometheus Group has made an acquisition. This time it is VIZIYA, formerly part of publicly traded Quarterhill.
And this is the second buy in less than a month despite the global COVID-19 pandemic.
“The addition of VIZIYA will enable Prometheus to extend our global reach and customer universe,” said Eric Huang, founder and Chief Executive Officer of Prometheus, in a statement.
“VIZIYA’s expertise in the Oracle and Infor ecosystems will allow us to branch into new and exciting territory and even further diversify our customer composition. Prometheus looks forward to working with VIZIYA’s strong management team to conquer the asset management space.”
Why make the deal?
Here’s how Prometheus describes VIZIYA:
“VIZIYA designs and develops bolt-on software products for its marquee customer base to enhance enterprise resource planning-based asset maintenance systems. The company’s WorkAlign Suite is designed to enhance its customers’ system rather than replace it. The Company’s products (with a focus on asset criticality, urgency, and compliance) are used in various industries around the world to drive cost savings, productivity, uptime, and reliability.”
Financial terms of the deal weren’t disclosed.
In May of 2019, Prometheus hit “unicorn status” — defined as “any company with a valuation of $1 billion or more regardless of how much is invested or purchased” — when Gemstar Capital bought a majority stake in the company for what Gemstar says now was “for over $1 billion.”
Last month, Prometheus acquired US-headquartered workforce management provider WorkTech.
In October, it bought U.K.-based software firm Engica, and a month later acquired Roser ConSys, a software provider based in the Netherlands.
Founded in 1998, Prometheus provides web-based planning and scheduling software for operations management across a range of sectors, with big-name clients like Exxon, Dupont and Bayer. It is a global company with offices in the US, Europe, South America and Australia and more than 300 employees, with most of them in Raleigh.
Original Article Source: WRAL TechWire