GE Measurement & Control Announces Strategic Investment in Meridium
MINDEN, NEV. - July 24, 2014 - GE's Measurement & Control business today announced a minority equity investment in Meridium. The companies intend to enter into a joint development and distribution agreement that will integrate Meridium’s APM with GE's System 1 ACM technology. GE’s System 1 ACM technology is part of the Bently Nevada product line which produces machine condition sensors, data acquisition hardware and software. Meridium’s APM aggregates data from System 1 and other plant maintenance systems to provide plant engineers with a dashboard of reliability metrics. This new Industrial Internet software offering will enable condition-based maintenance with pin-point precision, in near real-time, resulting in an estimated 10-30% in maintenance cost reduction. This is a critical capability for customers in the Oil and Gas, Power Generation, Hydrocarbon Processing and other asset intensive industries.
"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" said Art Eunson, General Manager of GE’s Bently Nevada product line.
"Working with GE across mutual clients over many years taught us that together we could produce additional significant tangible value through deep integration," said Bonz Hart, Meridium President 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."
The investment aligns closely with GE’s focus on leading the Industrial Internet by connecting intelligent machines, advanced analytics, and people at work. The combination of ACM and APM will allow customers to derive more value from big data through contextually relevant insight into asset performance and plant operations. By connecting sensors to maintenance management systems, customers also gain the ability to better manage their reliability strategy and operational risk.
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 www.ge-mcs.com.
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
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.
Lindsay Sherman
GE Measurement & Control / Bently Nevada
T: +1 (775) 215 1331