Progress Acquires DataRPM, The Best-of-Breed Machine Learning Company Focused on Cognitive Predictive Maintenance
DataRPM's Unique Meta Learning Technologies to Form the Foundation of Progress' Cognitive-First Strategy
As data continues to explode, driven by machine-generated and human-generated data, and devices and digital touchpoints proliferate rapidly, organizations must leverage cognitive-first applications for business benefit to compete and win.
"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," said
DataRPM offers an award-winning cognitive predictive maintenance
solution for industrial IoT. The patented platform automates predictive
modeling, leveraging proprietary
"Predictive analytics is very important to QAD's vision of the Effective
Enterprise, where we partner with our customers on a continued journey
of efficiency and agility," said
DataRPM technologies bring unique differentiators to the market:
- DataRPM technology detects random and unknown failures using a combination of unsupervised and semi-supervised learning techniques, saving businesses hundreds of millions of dollars by preventing failures of critical assets and maximizing quality and efficiency.
DataRPM solves the huge data science talent crunch by teaching
machines to automate data science using a technique called
Meta Learning, that learns from experience and feedback, saving industrial companies from having to invest in large armies of data scientists.
- The DataRPM platform has been proven to horizontally scale to monitor and track any number of industrial machines, addressing the needs of even the most demanding use cases.
"We had anticipated that Progress would need to acquire machine learning
and predictive analytics functionality to deliver its Cognitive Apps
strategy, and DataRPM is a logical choice," said
With the acquisition of DataRPM, Progress enables customers to harness previously untapped volumes of data to build cognitive apps quickly and easily - democratizing machine learning and making it accessible to any organization. DataRPM will continue to offer its leading solution for cognitive predictive maintenance for IIoT under the Progress umbrella, supported by an increase in investment and resources. Integration of DataRPM technologies and Progress products is already underway and the updated offerings are expected to be available to early-adopter partners and customers later this year.
"Progress' strategy around cognitive applications is in perfect
alignment with our vision, which is why the acquisition was the right
move for us," said
Progress acquired DataRPM for a purchase price of
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Safe Harbor Language
Statements contained in this press release about Progress, DataRPM and the acquisition may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the expected benefits of the acquisition. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including but not limited to the following: an unexpected increase in costs related to the acquisition, the risk that DataRPM's business and technology will not be integrated successfully, the risk that key employees of DataRPM will not remain with Progress, the risks of delay, technological obstacles or unanticipated expenses in developing a joint product offering, the risk that customers will delay, withhold or cancel new or pending orders for the combined company, potential delays in the release of enhancements to the combined company's products, uncertainty regarding growth rates in DataRPM's current and potential market segments, the potential for unfavorable positioning of the combined company's products in those market segments, the need for market acceptance of the cognitive application development platform, variations in the demand for customer service and technical support from the combined company and pricing pressures and the competitive environment in the software industry. Progress undertakes no obligation to update information contained in this communication unless required by law. For further information regarding risks and uncertainties associated with Progress and information concerning the acquisition, please refer to Progress' filings with the
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