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