Megger Expands into Data Analytics with Majority Shareholding Acquisition of IPS Group
Megger Acquires Majority Shareholding in IPS Group for Data Analytics Expansion
25.09.24 Electrical measurement and monitoring expert Megger has taken a significant step into the realm of data analytics by acquiring a majority shareholding in IPS Group, a global leader in asset performance management software solutions for electrical utilities.
This strategic move represents a pivotal moment in Megger's evolution, bridging the gap between offline testing, online monitoring, and advanced data insights.
Megger's Transition into Data Analytics
Megger, a pioneer in electrical instrumentation innovation for over a century, has recently broadened its solutions from unenergized electrical test and measurement to comprehensive monitoring solutions. This transition positions Megger as an ideal partner to leverage IPS's data-driven asset management offerings, providing clear, detailed, and dependable insights into electrical assets and grid network health.
“This is a time of transformation for the electrical supply industry”
said Dr Andrew Dodds, joint CEO of Megger Group.
Integration for Enhanced Innovation and Customer Value
Having initially invested in a minority stake in IPS in 2021, Megger's move to a controlling position will enable deeper integration between the two organizations. This integration will combine their expertise and resources to drive innovation, business growth, and deliver enhanced value to customers in the electrical power industry.
“This is a time of transformation for the electrical supply industry,” said Dr Andrew Dodds, joint CEO of Megger Group. “Utilities and network operators face unprecedented challenges from integrating renewable energy sources, coupled with intensifying pressure on budgets and network reliability. We're combining our legacy of precision measurement and safety with IPS’s cutting-edge software capabilities to offer comprehensive solutions to meet these modern challenges.”
Dr. Dodds continued, “This acquisition will allow us to invest the time and resources needed to broaden and accelerate these developments to give our customers even better information about the status of assets critical for the long-term reliability of their businesses. We're committed to maintaining and increasing relevance in a rapidly evolving technological landscape and helping our customers transition to predictive maintenance practices through digitalisation.”
Dr Zeljko Schreiner, CEO of IPS Group commented, “increased engagement with Megger provides IPS with a platform to leverage their Test & Measurement expertise and sales structure around the world, which IPS can benefit from increased customer reach and support”. Further IPS will get access to millions of the measuring data provided by Megger devices which will support building the largest and most powerful ML and AI platform for prediction analytics in this the energy industry. This will allow our customers to run highest level of efficiency in managing their infrastructure.
Expanding Solutions and Incorporating Advanced Analytics
IPS Group's current range of software products includes a comprehensive portfolio of specialized solutions for Enterprise Asset Management (EAM), Asset Performance Management (APM), Outage Management (OMS), Network Model Management (NMM), and more, all supported by advanced analytics. Furthermore, the company is actively developing technology vertical solutions for transformer and cable assets, specifically tailored to meet the unique needs of users in the electrical power industry.
Dr. Schreiner, "This integration will empower IPS and Megger Customers by providing the tools they need to make informed decisions, optimizing their work driving innovation in their organisations. For the IPS team this means a strong global partner supporting further investment into leading software technologies."
Future Plans and Expansion
Looking ahead, Megger aims to expand its vertical solutions to cover other critical assets as per customer requests. Additionally, the company plans to further integrate artificial intelligence and machine learning, enhancing its ability to provide actionable insights for asset planning and management.
In conclusion, Megger's acquisition of a majority shareholding in IPS Group marks a pivotal moment in its transition into data analytics, positioning the company to offer advanced solutions and insights for the electrical power industry's evolving needs.