In the Verdantix 2019 survey, 85% of the operations, maintenance, engineering and process safety executives agreed that fragmentation of IT systems made the implementation of a single platform for asset performance management impossible. In the past technological barriers have held back the expansion of EAM software into the ORM market. These acquisitions are now showing results meeting a crucial customer need to gain a single view into asset and worker risks. Prometheus Group, a maintenance work management software provider owned by private equity firm Genstar, acquired Engica, a control of work software provider, in October 2019, to seamlessly integrate permit to work into maintenance management workflows. In June 2019, Industrial Scientific, an 800-employee US-headquartered firm owned by the Fortive Group, acquired Intelex, an EHS software vendor, to combine Industrial Scientific’s hazardous gas detection products with Intelex’s EHSQ software platform and create a real-time risk management platform.
This convergence is also driving M&A activity. While EAM software vendors are expanding software functionality to include ORM capabilities, process safety management software vendors are combining industrial asset management functionality such as asset health monitoring and failure prediction with worker safety to enhance their offerings. This convergence of functionality for safety, risk and asset management has been ongoing for the last several years. The inclusion of ORM capabilities within EAM software has developed to enable operations and maintenance managers to have a single interface and set of workflows to ensure asset maintenance activities are carried out by frontline workers safely and efficiently. DevonWay now sells a unified platform for both capability sets. DevonWay, a US-headquartered vendor, launched its EAM software solution in 2005, and expanded into EHS and quality management markets.
Infor EAM, acquired by Hexagon in 2021, includes permit to work and incident management capabilities as part of its EAM software offering. In 2021, this trend is at full throttle with the inclusion of core operational risk management capabilities such as permit to work and incident management into EAM software offerings. In 2018, Verdantix identified enterprise asset management (EAM) software vendors as the sleeping giants of the operational risk management (ORM) software market and predicted their expansion in the area. Sleeping EAM Software Giants Wake Up To The Operational Risk Management Software Market Opportunity
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