Ivara Corp. has joined the MRO Software Complementary Solution Partner program just as IBM completed plans to acquire MRO.
Ivara is an industry leader in equipment reliability consulting services and enabling technologies and the parent company of Aladon LLC, specialists in the facilitation and training of Reliability-Centered Maintenance methodologies. As a reliability partner for MRO Software, Ivara will deliver enhanced reliability capabilities to complement the Maximo Enterprise Suite. The combined offering supported by Ivaras reliability software, EXP, will help customers improve the effectiveness of their maintenance organization and overall equipment performance.
We conducted a survey to better understand our customers equipment reliability needs, says Johan Arts, vice president, Industry and Solutions Marketing, MRO Software. Clearly equipment reliability is extremely important to our customers in many industries, including, utilities, oil and gas, manufacturing and transportation. We found more than 70% of respondents reliability programs are supported by internally developed applications, and more than 85% of respondents indicate a direct tie between reliability programs and improved equipment performance. As a result of this feedback, we are pleased to establish a partnership with Ivara. Its technology and reliability expertise meets our customers need for additional reliability support and leverages the functionality of our Maximo Enterprise Suite.
For executives, increased asset reliability translates directly into a big improvement to the bottom line. The integrated Ivara-MRO Software offering delivers a complete reliability system that optimizes both equipment and financial performance, says Gerry Bleau, chief executive officer, Ivara. We are pleased to join with MRO Software and look forward to supporting customers in their journey toward optimized reliability.
On August 03, IBM and MRO announced the two companies have entered into a definitive agreement for IBM to acquire MRO in an all-cash transaction at a price of approximately $740 million, or $25.80 per share. The acquisition is subject to MRO Software shareholder and regulatory reviews and other customary closing conditions. It is expected to close in the fourth quarter of this year.
MRO asset management technology and consulting services will be integrated into IBM Software and IBM Global Services offerings. As a result of the acquisition of MRO, IBM claims it will be the only company to provide the solution to this convergence of IT and industrial assets.
In a recent IBM study, 40% of CEOs indicated that asset utilization would be a key focus in strengthening financial performance, said Al Zollar, general manager, IBM Tivoli software. MRO software is a powerful addition to IBM's portfolio of software and services.