Veritas Legal Advised IBM On Acquisition Of Prescinto Technologies

Veritas Legal advised IBM on the acquisition of Prescinto Technologies, a Bengaluru-based software-as-a-service (SaaS) firm specialising in solar monitoring and analytics. This strategic move aims to bolster IBM's Maximo Application Suite (MAS), enhancing its capabilities in asset lifecycle management within the rapidly evolving energy sector.

The Firm assisted IBM on due diligence on Prescinto Technologies, drafting of the transaction documents and assistance with closing of the deal.

The financial terms of the acquisition were not disclosed. According to IBM, the integration of Prescinto’s innovative solutions will strengthen its position in the energy and utility industry, which is undergoing significant transformation as it seeks to optimize the management of wind, solar, and other renewable energy storage assets.

Founded in 2016 by entrepreneur Puneet Jaggi, Prescinto utilizes artificial intelligence to provide advanced monitoring, analytics, and automation tools that streamline renewable energy operations. The company has gained recognition for its asset performance management (APM) software, helping clients improve power generation and operational efficiency.

“Prescinto’s capabilities will enhance our offerings in the renewable sector, aligning with our commitment to sustainable energy solutions,” IBM stated in a press release.

The Veritas Legal team was led by Partners, Abhijit Joshi, Tushar Raut. The other team members comprised of the following:

Concerned Senior Associates & Associates: Principal Associate, Parshva Doshi

Associates: Aditi Sahay, Prapti Parwani, Nishtha Goyal, George P. Reji and Gunjan Jadiya.