Meridium Announces Strategic Investment by GE Measurement & Control
- GE Measurement & Control (M&C) invests in a minority equity share in Meridium, Inc., the global Asset Performance Management (APM) leader
- Meridium’s market-leading APM software solution interfaces with GE’s Bently Nevada System 1™ Asset Condition Monitoring (ACM) software solution that enables condition-based maintenance
- New combined software solution allows customers to quantify the value of asset condition monitoring and assess operational risk
ROANOKE, Virginia, July 24, 2014 / PRNewswire — Meridium®, Inc. (www.meridium.com), the global leader in asset performance management (APM) software and services, announced today that GE’s Measurement & Control business has made a strategic minority equity investment in Meridium, and will enter into a new, non-exclusive alliance and distribution agreement that interfaces Meridium’s APM software and GE’s Bently Nevada System 1™ Asset Condition Monitoring (ACM) software. The combined offering will enable condition-based maintenance and real time management of equipment downtime and production risks for customers in oil and gas, power generation, hydrocarbon processing, and other asset-intensive industries, maximizing operational effectiveness and preserving and extending the life of capital assets.
The investment in Meridium aligns with GE’s focus on the Industrial Internet and its commitment to connect human insight with machine intelligence and advanced analytics to drive increased productivity in global industries. According to Art Eunson, General Manager of GE’s Bently Nevada, “The way we do business is being dramatically altered in the era of the Industrial Internet. We are realizing the increased productivity and efficiency gains from big data and analytics delivered in real-time. The partnership with Meridium will increase value for our customers, allowing them to quantify risk in a near real-time manner. We are unlocking the value of condition based maintenance, which will lead to reduced maintenance costs, increased mechanical availability and less downtime for our customers.”
The combination of Meridium APM and GE ACM into a unique software offering will provide a more holistic view of plant operations, connecting sensors to business impact and plant systems. Together, Meridium and GE provide an unparalleled solution for customers to quantify the value of condition monitoring while managing the reliability, strategy, and operational risk of their assets.
“Working with GE across mutual clients over many years taught us that together we could produce additional significant tangible value through collaboration and interfaces,” said Bonz Hart, Meridium’s Founder and CEO. “As we looked at the strengths of each company and our rapidly expanding global markets, working closer together made sense for our clients and to better serve our markets. GE’s Bently Nevada operates in a multi-OEM and multi-system world, as does Meridium, so we’re also tightly aligned on strategy. GE’s minority investment allows Meridium to stay focused on innovation and support our global growth.”
Meridium is the global leader in asset performance management (APM) software and services for asset-intensive industries. Meridium provides insights into industrial assets for mitigating risk and improving operational excellence. Founded in 1993 and headquartered in Roanoke, Virginia (USA), Meridium pioneered the vision, software and technology behind APM. Today, Meridium serves more than 80 market-leading companies in more than 1,200 licensed sites around the globe.
About GE Measurement & Control
GE Measurement & Control is a leading innovator in advanced, sensor-based measurement; non-destructive testing and inspection; flow and process control; turbine, generator, and plant controls; and condition monitoring. Providing for the health of our customers’ most critical industrial assets, we deliver accuracy, productivity and safety to a wide range of industries, including oil & gas, power generation, aerospace, metals and transportation. Headquartered in Boston, USA, Measurement & Control has more than 40 facilities in 25 countries and is part of GE Oil & Gas. For further information, visit http://www.ge-mcs.com.
About GE Oil & Gas
GE Oil & Gas works on the things that matter in the oil and gas industry. In collaboration with our customers, we push the boundaries of technology to bring energy to the world. From extraction to transportation to end use, we address today’s toughest challenges in order to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas.