Megger has increased its shareholding in IPS Group to a majority stake, allowing the company to transition into data analytics and asset performance management for electrical utilities.
The acquisition of IPS Group follows Megger’s initial investment in a minority stake of the firm in 2021, and aims to deepen the integration between the two companies.
Dr. Andrew Dodds, joint CEO of Megger Group, commented, “This is a time of transformation for the electrical supply industry. Utilities and network operators face unprecedented challenges from integrating renewable energy sources, coupled with intensifying pressure on budgets and network reliability. We’re combining our legacy of precision measurement and safety with IPS’s cutting-edge software capabilities to offer comprehensive solutions to meet these modern challenges.
“This acquisition will allow us to invest the time and resources needed to broaden and accelerate these developments to give our customers even better information about the status of assets critical for the long-term reliability of their businesses. We’re committed to maintaining and increasing relevance in a rapidly evolving technological landscape and helping our customers transition to predictive maintenance practices through digitalisation.”
IPS Group’s software suite includes solutions for Enterprise Asset Management, Asset Performance Management, Outage Management, and Network Model Management among others, all designed to support predictive maintenance in the electrical power industry.
Dr. Zeljko Schreiner, CEO of IPS Group, highlighted the benefits of increased collaboration, “Increased engagement with Megger provides IPS with a platform to leverage their Test & Measurement expertise and sales structure around the world, which IPS can benefit from increased customer reach and support. IPS will get access to millions of the measuring data provided by Megger devices, which will support building the largest and most powerful ML and AI platform for prediction analytics in the energy industry. This will allow our customers to run the highest level of efficiency in managing their infrastructure.”