IBM Acquires Bengaluru-based Prescinto, Expands Into Renewable Energy CMS Software

IBM has announced its acquisition of Bengaluru-based Prescinto, a leading provider of asset performance management (APM) software for the renewable energy sector. While the financial details were not disclosed, this strategic move aims to strengthen IBM’s Maximo Application Suite (MAS), a platform focused on asset lifecycle management.

This acquisition will enhance IBM’s foothold in the rapidly growing energy and utilities market, where companies are increasingly looking to optimize their wind, solar, and energy storage assets. By incorporating Prescinto’s AI-powered tools, IBM plans to offer enhanced monitoring, analytics, and automation capabilities for renewable energy operations.

According to IBM, the global utilities asset management market is projected to grow from $4.3 billion in 2022 to $12.4 billion by 2031, at a compound annual growth rate of 11.3%. The rising demand for these solutions is fueled by the global shift toward renewable energy, as companies seek to reduce emissions and lower energy costs.

Prescinto’s technology helps energy firms streamline operations by providing real-time tracking of energy production and storage assets. The platform identifies performance bottlenecks and delivers actionable insights, allowing companies to maximize returns on their renewable energy investments.

IBM’s Maximo Application Suite is already widely used across sectors such as water, natural gas, oil, and nuclear energy. With Prescinto’s capabilities, IBM aims to better support its clients’ sustainability and net-zero goals by offering more advanced tools for managing renewable energy assets.

Founded in 2016, Prescinto operates in 14 countries, managing 16 gigawatts of renewable energy assets. The acquisition aligns with IBM’s strategy to lead the digital transformation of the energy sector.

Recently, IBM’s Maximo platform was ranked first in IDC’s 2023 global market share report for asset lifecycle management, holding a 10.8% share. This acquisition is expected to further solidify IBM’s leadership in the sector.

What’s Moonlighting? Infosys bans, IBM warns, Wipro cracks whip

As the issue of moonlighting or working elsewhere to make extra money in India is plaguing many tech giants after the Work From Home concession that entailed tech employees work remotely, several Indian tech giants are facing the challenge to keep their workforce committed and focused.

The ethical issue has been raised by tech services giant Infosys first, followed by cloud Major IBM on Wednesday. Infosys has already made it clear that the practice is not ethical and the company may fire those who are moonlighting.

However, no company has so far issued any framework to monitor its employees who are moonlighting as legally it is still daunting to gather evidence and withstand legal suits in courts. Secondly, the problem is not new in smaller and minor companies which have been struggling to pay higher wages to employees to retain them. Often, they blink to let the workforce work elsewhere in non-working hours.

Moreover, the issue is legally overwhelming for the companies as strict guidelines or framework of supervising or monitoring employees is often termed as violation of privacy rules in many courts and they may stand loose the legal battle even after firing such employees.

But the issue has already bogged down even major companies. Besides infosys, IBM Managing Director  Sandip Patel said that the company’s position is exactly that of the overall industry in the country. “All of our workers when they are employed, they sign an agreement which says that they are going to be working full-time for IBM. So moonlighting is not ethically right for them to get into,” he said.

However, some startups are encouraging employees to opt for moonlighting or work outside their primary working hours. Swiggy has encouraged the practice but the traditional companies are calling it cheating and unethical and issued warning to employees from practising Moonlighting even in extra hours.

In one case, a techie who was interviewed by a Hyderabad-based company found that he hired another techie to work on his behalf, while he is engaged in working on other projects. He has been summarily fired now but the issue has brought to light the glaring anomaly in misuse of a pact with the company.

Infosys has already warned employees on Monday against moonlighting, saying that involvement in such practice can result in “disciplinary action including termination of employment”. “No two-timing, no moonlighting”, the company said in an internal memo, adding that it “strictly discourages dual employment”.

Wipro Chairman Rishad Premji recently said that the concept of a second job amounts clearly to “plain and simple” cheating. “There is a lot of chatter about people moonlighting in the tech industry. This is cheating — plain and simple,” he emphasised.