GE Vernova too Sell Proficy Software Business to TPG for $600 Million
GE Vernova has agreed to divestโฃ its Proficy software business to TPG for $600 million. The move allows GE Vernova to sharpen its focus on โenergy solutions,โ including its GridOS platform-recently expanded through the acquisition of AI computer vision and machine learning companyโ Alteia-for grid orchestration and decarbonization.
Proficy’s software serves discrete, process, and hybrid manufacturing, as well โฃas metro transit and infrastructureโค applications. TPG intends to build upon Proficy’s offerings toโ meet evolving needs in manufacturing and infrastructure.
“Manufacturingโ isโค undergoing a renaissance driven by customers’ โneed โto increase throughput, optimise operations, and augment workforces,” said Art Heidrich, a TPG โpartner. “Proficy’s mission-critical, integrated, and increasingly AI-enabled solutions are leading the way, enabling customers to run, monitor, and โขimprove the production โขprocess.”
GE Vernova announced the Alteia acquisition in July, bolstering its AI โcapabilities for electric โgrid management. Evercore and Morgan Stanley & co. are advising GE Vernova on the deal, โคwhile Centerview Partners and William Blair are advising TPG.
This divestiture was โคoriginally reported by Power Technology, a GlobalData owned brand.