Genstar-backed Prometheus Group acquires Utopia Global
Prometheus Group, a global provider of asset management operations and optimisation software, has acquired Utopia Global, a data solutions company known for its end-to-end data quality, data migration and data governance solutions.
Utopia Global (Utopia) was co-founded in 2003 by Arvind J Singh (CEO) and Narinder J Singh (COO). The company is a specialist in enterprise data management software solutions and services that enable organisations to analyse, correct, enrich, and govern their data.
Many of Utopia’s software offerings are listed on the SAP price list and sold by SAP globally as Solution Extensions to their master data governance solutions, including the SAP Master Data Governance, EAM extension by Utopia, SAP Asset Information Workbench by Utopia, and SAP Master Data Governance, Retail and Fashion Management by Utopia. In addition, Utopia offers a wide array of software solutions to automate and accelerate data quality and data governance initiatives leveraging extensive machine-learning capabilities. Utopia is headquartered near Chicago in Mundelein, Illinois and has offices globally.
Eric Huang, Prometheus Group founder and CEO, says: “The foundation of the digital enterprise is clean, consistent and complete master data. Not only do companies need quality master data to fully realise their investments in computerised 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.”
Singh, who will continue to serve as CEO of Utopia, a separate business unit within Prometheus Group, says: “For the past 18 years, Utopia has focused on enabling our customers to create agile, data-driven businesses by harnessing the power of their critical master data. COVID-19 created a heightened sense of urgency for C-levels to accelerate digital transformation in their companies in response to the sudden and unexpected disruptions across supply chains, manufacturing, and logistics; compounded by employees working remotely.
“Prometheus Group has established itself as an innovative leader in EAM solutions. That, combined with Genstar’s tremendous backing and support, positions Utopia to build momentum and drive growth in the USD10 billion-plus data management and governance market.”
Eli Weiss, Managing Director of Genstar Capital, which acquired Prometheus in 2019, says: “We are very pleased with the development of Prometheus as we continue to work with Eric and his team to grow the company and identify businesses that will enhance its go-to-market strategy. Utopia is a significant acquisition and we see continued momentum for software revenue to be a bigger part of its overall business. Utopia’s added scale and diverse customer base will greatly enhance Prometheus’ suite of solutions that will better serve all customers.”
Utopia Global was previously owned by Founders, Management, FTV Capital, Liberty Mutual Insurance, and Trinity Private Equity Group.
Genstar acquired Prometheus Group in 2019 for over USD1 billion and is actively working with its management team to identify targeted add-on acquisitions to support its long-term growth. Utopia represents the fifth acquisition since Genstar’s investment. Prometheus earlier this year acquired VIZIYA, enterprise asset management software developer; WorkTech, a provider of contractor management and productivity solutions; UK-based Engica, a maintenance and safety management software company; and Roser ConSys, provider of innovative plant shutdown, turnaround, and outages software based in the Netherlands. District Capital Partners served as exclusive financial advisor to Prometheus Group on the transaction.