Predictive analytics startup Uptake is acquiring a company that controls a huge trove of industrial data, a move that positions the tech unicorn to better compete in the race to digitize power plants, oil wells and factory floors.
Uptake, a Chicago firm started by two Groupon co-founders that boasts a $2.3 billion valuation, has agreed to buy Albuquerque-based Asset Performance Technologies, or APT, for an undisclosed amount. The deal will marry Uptake's predictive analytics software and machine learning capability with the world's largest database on why industrial equipment fails.
Uptake and APT both focus on crunching data for companies with expensive networks of complex equipment, aiming to help them predict and prevent breakdowns. Uptake's self-learning technology gets smarter as it encounters more data, and APT's library amounts to tens of thousands of history lessons that can help it interpret information.
Both companies focus on serving a few sectors that operate expensive assets like factories, construction equipment and power plants. The deal illustrates how some firms like Uptake aim to set themselves apart in a crowded field of big data crunchers by narrowing their focus.