RALEIGH — Against the background of a global pandemic, Prometheus Group is buying a global data management firm — its fifth acquisition in the last year under new ownership Genstar Capital.
The Raleigh-based asset management software firm today announced that it has acquired Utopia Global, Inc., headquartered near Chicago in Mundelein, Illinois with offices globally.
The terms of the deal were not disclosed.
“The foundation of the digital enterprise is clean, consistent and complete master data,” said Eric Huang, Prometheus Group founder and CEO, in a statement.
“Not only do companies need quality master data to fully realize their investments in computerized maintenance management systems; but newer concepts such as asset integrity management, predictive maintenance and “digital twins” absolutely count on high integrity data to drive business efficiencies across the enterprise. Utopia has both the software and domain expertise to solve this onerous and complex issue. I look forward to working with Arvind and Narinder to incorporate Utopia’s amazing solutions into the Prometheus Platform.”
Co-founded in 2003 by Arvind J. Singh (CEO) and Narinder J. Singh (COO), Utopia offers software solutions to automate and accelerate data quality and data governance initiatives leveraging extensive machine-learning capabilities.
Utopia Global was previously owned by Founders, Management, FTV Capital, Liberty Mutual Insurance, and Trinity Private Equity Group.
Last May, Prometheus 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.
Since then, it has made a number of acquisitions.
Last October, it bought U.K.-based software firm Engica, and a month later acquired Roser ConSys, a software provider based in the Netherlands. That was followed by US-headquartered workforce management provider WorkTech in April; and VIZIYA, formerly part of publicly traded Quarterhill in May.
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.