According to the company press release, General Electric has made a minority equity investment of an undisclosed amount in Meridium, paving the way for a joint development and distribution agreement that brings together the best of Meridium's "Asset Performance Management" or APM, and GE's Bently Nevada System 1 "Asset Condition Monitoring," or ACM, softwares.
While merging data management systems might not sound meaningful, the two companies expect their soon-to-be product to reduce maintenance costs for asset-heavy industries by up to 30%. That could translate to massive savings for oil and gas, power generation, and hydrocarbon processing customers.
"The way we do business is being dramatically altered in the era of the Industrial Internet," said Art Eunson, General Manager of GE's Bently Nevada product line, in today's press release. Euson also was quoted as saying:
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.
Today, Meridium serves market-leading companies in more than 80 countries with more than 1,200 licensed sites around the globe.
Editor's note: Language in this story regarding Meridium's customer base has been updated.
Justin Loiseau owns shares of General Electric Company. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.