The application development and deployment firm Progress announced Wednesday that it's acquiring DataRPM, a cognitive predictive maintenance firm that serves the industrial Internet of Things (IIoT) market. Progress paid $30 million, including $28.3 million in cash, and $1.7 million in the form of restricted Progress stock.
The acquisition gives Progress predictive analytics capabilities that round out its cognitive apps platform, Progress CEO Yogesh Gupta said in a statement. Cognitive applications will become increasingly important, he noted, as the world generates more and more data.
"Progress has always provided the platform for building and deploying mission-critical business applications. The future of applications is cognitive-first, and Progress is committed to providing the best platform to build and deploy them," Gupta said.
The DataRPM platform can detect random and unknown failures using a combination of unsupervised and semi-supervised learning techniques. It also uses a technique called Meta Learning to increase the quality, accuracy and timeliness of equipment failure predictions. It can scale horizontally to track any number of industrial machines. DataRPM customers include Jaguar, Samsung and Mitsubishi Heavy Industries.
DataRPM will continue to offer its platform under the Progress umbrella, supported by increased investment and resources. The companies are already working on DataRPM technologies and Progress products, and updated offerings should be available to early-adopter partners later this year.
Progress on Wednesday also announced the results of its fiscal first quarter of 2017. The company reported non-GAAP earnings per share of 34 cents on non-GAAP revenue of $91.2 million. In the same quarter last year, Progress reported non-GAAP earnings of 27 cents a share on revenue of $90.2 million.