Newly minted unicorn Prometheus Group acquires UK software firm

RALEIGH – Prometheus Group, an asset management software firm that recently hit the $1 billion valuation mark, has acquired a U.K.-based software firm Engica.

Financial terms of the acquisition are not being disclosed.

The Raleigh-based company on Friday said the acquisition will expand its platform offerings in the enterprise asset management sector with Engica’s suite of “environmental, health and safety solutions,” including incident management. It will also increase the company’s scale in the U.K.

“We are delighted to welcome Engica customers, partners, and employees to Prometheus Group,” Prometheus’ CEO Eric Huang said, in a statement. “This is an exciting milestone. This acquisition further supports our mission to create a safer environment for all of our customers.”

Founded in 1998, Prometheus provides web-based planning and scheduling software for operations management across a range of sectors, with big-name clients like Exxon, Dupont and Bayer. It is a global company with offices in the US, Europe, South America and Australia and more than 300 employees, with most of them in Raleigh.

In May, the group hit “unicorn status” — defined as “any company with a valuation of $1 billion or more regardless of how much is invested or purchased” — when Genstar Capital bought a majority stake in the company for an undisclosed sum.

Huang, who remained at its helm as CEO, kept a “significant minority stake,” along with the firm’s other partner, Francisco Partners.

Since its inception, Huang said the company has grown 30 percent year on year – with this year’s projected annual revenue set to hit $100 million. By 2024, that figure is expected to skyrocket to upwards of $200 million in “organic revenue growth.”

The company is growing so fast that it’s getting ready to move out of its Pilot Mill office to a larger space in the North Hills area in December.