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.
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.
Uptake, a CNBC Disruptor, launched its service with construction giant Caterpillar and has since serviced other companies like the energy unit of Berkshire Hathaway. It deploys self-learning technology to help companies make sense of a dizzying amount of data gathered from sensors embedded on industrial equipment around the world.