ABB Ltd. (www.abb.com), the Zurich-based power and automation technology group, announced on Dec. 6 that it has agreed to acquire the business of Insert Key Solutions Inc. (IKS, www.insertkey.com), Chadds Ford, Pa., a privately owned software provider to the power industry. IKS has an extensive customer base in the thermal and nuclear power sectors, and a staff of 50 people, ABB said. Terms of the acquisition were not disclosed.
ABB will add IKS’ solutions to its Ventyx software portfolio, obtained earlier this year with the acquisition of Ventyx Inc. (www.ventyx.com), an Atlanta-based software supplier to the energy industry. That deal was valued at more than $1 billion when it was announced last May. The combination will build on industry leading asset lifecycle management software from Ventyx, ABB said, creating a comprehensive solution set for asset and work management, maintenance optimization, and equipment reliability.
Founded in 2000, IKS specializes in delivering software solutions for process improvement, increased equipment reliability and operational performance in power generation plants, and transmission and distribution networks. Ventyx, an ABB company, provides enterprise software, energy markets data and professional services that enable energy, utility, communications and other asset-intensive organizations to optimize operational efficiency and productivity.
“Insert Key Solutions provides a highly complementary offering to our solutions for the power industry,” said Jens Birgersson, head of the Network Management business within ABB’s Power Systems division. “It significantly strengthens our software-based solutions, which optimize equipment reliability, asset health and maintenance services for asset-intensive industries.”
“We are excited to become a part of the Ventyx team and the ABB family. We not only share complementary solutions, but also the same dedication to excellence and customer focus,” said Evan Niemkiewicz, president and chief executive officer of Insert Key Solutions. “This integration enables us to fortify our infrastructure and product lifecycles and to take our solutions to a broader set of industries and geographies. I am confident it is the best path forward for our customers and our company.”
ABB said it plans to retain the IKS team and will place IKS executives in key roles within the Ventyx team responsible for Asset Suite, eSOMS (asset and operations management software), and IKS solutions.
Insert Key Solutions Inc.