Uptake has acquired an Albuquerque technology company that provides industrial customers like power plants and oil companies with machine failure data.
Uptake announced Monday that is has bought Asset Performance Technologies, a company founded in 2004 that's built a comprehensive library of equipment failure data, which companies in power, petrochemical, oil and gas, steel and other industries use to develop preventative machine maintenance strategies.
Terms of the deal were not disclosed. This is Uptake's second acquisition; it acquired Canadian software company CanAm in 2016.
Uptake, led by Groupon co-founder Brad Keywell, launched in 2014 and has become one of Chicago's fastest-growing startups. Uptake, which uses predictive analytics to help companies know when their machines are likely to break down, has raised around $230 million to date and is valued at more than $2 billion.
APT's six employees, including the company's co-founders David Worledge and Glenn Hinchcliffe, are joining Uptake.
Uptake said the acquisition will allow it to expand its customer base, particular in power, oil and gas and chemical industries. APT's customers include US Steel, SABIC IP, Suncor Energy and the Palo Verde nuclear plant in Arizona.
APT's library of machine fail data has information on nearly 800 equipment types and is used in a range of products in the market today. Meridium, which is owned by GE Digital, uses the data as part of its software suite.
