ATLANTA & FREDERICK, Md.--(BUSINESS WIRE)--Ventyx™, the world’s largest private software provider to the utility industry, and Tech-Assist Inc., a proven leader in operations management software systems for power generation and other asset-intensive continuous process industries, today announced the two companies have entered into a merger agreement under which, subject to customary closing conditions, Ventyx will acquire Tech-Assist.
“Acquiring Tech-Assist will further extend Ventyx’s leadership in solution capability, subject matter expertise and market share in demanding, asset-intensive industries such as power generation,” said Ventyx President and CEO Greg Dukat. “Tech-Assist adds key plant operations capabilities to our solution set, and their elite staff of engineers and consultants bring an unparalleled wealth of expertise in both plant engineering and software design, particularly in the nuclear market. The resulting combination will make Ventyx the clear choice for companies looking to increase the performance of a single plant or an entire fleet.”
Tech-Assist’s flagship product, the Shift Operations Management System (eSOMS), is a mission-critical plant operations management application which helps clients ensure the safe, efficient and reliable operation and maintenance of their facility assets. The software offers highly complementary features to Ventyx’s Asset Suite solution in the areas of tagout/lockout, equipment status reporting, electronic logging and operator rounds, as well as a proven mobile platform for plant workers. It is currently licensed at more than 155 major power and industrial plants — including 54 nuclear power plant sites — as well as the entire U.S. Navy fleet consisting of more than 265 ship and shore activities.
“Ventyx is an ideal fit for Tech-Assist in many ways,” said Tech-Assist CEO Matt Lechowicz. “With our combined solutions and industry expertise and Ventyx’s global distribution channel, we have a unique opportunity to expand an already dominant position in the energy and utility industry. Together, our software is running in 90 percent of the commercial nuclear reactors in North America and in nine of the top 10 power generators in Europe. By joining forces, we can offer clients a broader platform of best-of-breed products, increased power generation expertise, and future product releases providing a clear path forward. As a result, our 924 joint customers worldwide can grow in performance and value, and we can expand into new markets to grow our combined company’s market share around the globe.”
Extending its already comprehensive solution set with Tech-Assist’s software will make Ventyx well positioned to capture additional market share in key high-growth industries such as energy and utilities. According to a Gartner report on the utilities industry, “A sustained focus on reliability, process improvements and regulatory compliance, as well as the pushing of back-office capabilities out to field force and external entities (such as contractors, government agencies and others) is driving continued investments in work and asset management, mobile computing, business analytics and resource optimization.”1
The transaction is subject to customary closing conditions and is currently expected to close in the first quarter of 2008. Prime Investments, LLC, of Bethesda, MD, is acting as intermediary in the transaction.
Leveraging Deep Subject Matter Expertise
Upon completion of the acquisition, Tech-Assist personnel — including Tech-Assist founders, Lechowicz and Vice-President and Secretary Patrick G. Gex — will be merged into the Ventyx organization in key roles, including:
The Tech-Assist product group will be integrated into the Ventyx Asset Suite organization and will continue to support the development and deployment of its current software and services as part of the Asset Suite offering.
“Ventyx and Tech-Assist have proven complementary products, evidenced by the fact that 15 top power generators already use software from both companies and Asset Suite and eSOMS coexist in more than 70 generation plants today,” said Ventyx Chief Technology Officer Steve Carpenter. “As a result of this merger, future integrations will leverage the strengths of both products — utilizing our greatest combined asset, our customers. We will consult with our joint customers and reference use cases from existing co-deployments to determine how the products can work together to deliver optimum value. In addition, we will leverage our services-oriented Foundation Architecture platform to facilitate stable and flexible integrations.”
Tech-Assist, Inc. is a software development and consulting firm established in 1986. The Company develops and assists in the implementation of mission-critical software applications for continuous process industries and the military. Users of the Company's software rely on it to ensure the safe, efficient, and reliable operation and maintenance of their facility assets. Tech-Assist is staffed with engineers and information technology professionals who are experts in the field of plant operations management. For more information: http://www.techassist.com/
Ventyx is the leading provider of best-of-breed software solutions which enable energy, utilities, telecommunications, broadband and other commercial field service organizations to optimize the management of their customers, workforce, spare parts inventory, equipment, tools and documentation -- empowering organizations to maximize efficiencies in their customer relationships, facilities, workforce and field service operations. The Ventyx Global Energy Decisions & NewEnergy Associates business unit is a leading provider of utility industry solutions for generation asset and portfolio optimization, energy trading and risk management, schedule management, price and load forecasting, maintenance optimization, resource planning, fuel budgeting, plant betterment and environmental compliance analysis. With offices in North America, Europe, the Middle East and Asia-Pacific, Ventyx has more than 900 clients in select asset-intensive service-based industries. For more information, visit our Website at www.ventyx.com.
Ventyx is a trademark of Ventyx Inc. Other company and product names may be trademarks of the respective companies with which they are associated.
1 “Dataquest Insight: Introducing the Utilities Industry Solutions Map.” Gartner, Inc. Cynthia Moore. January 26, 2007.