FARMINGTON, Conn., Aug. 21, 2018
United Technologies Corp. (NYSE :UTX) today announced it has acquired Predikto, Inc., an Atlanta-based predictive analytics software company. Predikto is known for its proven cloud-based predictive health maintenance solution, which enables customers to forecast and improve asset reliability with greater certainty. The acquisition reinforces United Technologies' global digital strategy to make strategic business investments that enhance the company's ability to deliver new forms of value for our customers, employees and shareholders
The unique differentiator with Predikto is the technology platform – it is able to take hundreds of disparate industrial asset data-sets and automate up to 80 percent of the analytics process to quickly deliver actionable insights for taking pre-emptive steps to avoid issues, thereby increasing asset uptime.
"Data is the lifeblood of any digital strategy and actionable data is the way forward as we deliver real customer value," said Vince Campisi, Chief Digital Officer, United Technologies. "We are incredibly excited about this announcement and the future ahead together. By harnessing the best of our combined predictive analytics skillsets, we can better connect all critical assets, understand the reliability and health of our products and ultimately deliver an improved customer experience. Predikto's capabilities will help us scale these efforts across United Technologies' businesses with speed."
Predikto recently completed serval pilots with Pratt & Whitney specifically focused on commercial engines using preexisting data. Together, as a complement to Pratt & Whitney's existing physics-based models, the models generated by Predikto identified factors related to unplanned engine events. When taken into account, these insights will further increase the predictability of future issues and inform the development of key product improvements. What would have taken engineers months to aggregate the data and create algorithms instead only took days for two data scientists to complete using the Predikto software platform.
"Predictive analytics and data science have the power to change the way today's businesses run, especially in complex asset-intensive industries," said Mario Montag, CEO, Predikto. "Predikto's approach and technology has been demonstrated globally across the aviation, rail and shipping industries where unplanned downtime and unscheduled maintenance can be costly. There is great opportunity for additional applicability to many of United Technologies' products and services. We are beyond excited to join the team and begin making an impact."
Mario Montag, Predikto CEO, will assume the role of Chief Data & Analytics Officer for United Technologies, driving the strategy and direction for United Technologies' global data and analytics initiatives in support of the company's businesses. Predikto will have a presence in Atlanta, Georgia, and Brooklyn, New York.
The terms of the transaction are not being disclosed.
About United Technologies Corporation
United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. To learn more about UTC, visit the website or follow the company on Twitter: @UTC.