Raleigh’s Prometheus Group makes third acquisition in 6 months

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RALEIGH – Prometheus Group isn’t slowing down for anything, not even a global pandemic.

The Raleigh-based asset management software firm today announced that it has acquired US-headquartered workforce management provider WorkTech — it’s third acquisition in six months.

Financial terms of the acquisition are not being disclosed.

WorkTech provides software to contractors by streamlining data capture, tracking, approvals, and payment processes.

As part of the Prometheus platform, WorkTech’s technology will be used to  improve the planning and execution of shutdowns and turnarounds by providing real-time snapshots of planned vs. actual activity and spend.

“We are excited that WorkTech is joining the Prometheus family,” said Eric Huang, CEO, Prometheus Group, in a statement. “With the mounting pressure on margins, having visibility into the contractor workforce is mission-critical. This acquisition is another advancement in our strategy to help customers optimize their asset management efforts.”

Last May, 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 Genstar Capital bought a majority stake in the company for an undisclosed sum.

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.

Source: WRAL TechWire