Not-for-profit consulting firm LMI announced Nov. 1 it has acquired Clockwork Solutions, a firm based in Austin, Texas, as a way to bolster its predictive maintenance capabilities.
Terms of the deal were not disclosed. LMI said in a Nov. 1 release it acquired “substantially all assets” of the Texas company.
Clockwork Solutions offers a predictive analytics software platform. Predictive maintenance has been an attractive concept for the Department of Defense as it looks to reduce billions of dollars in maintenance and readiness.
The idea requires identifying system failure before it happens and then repair parts before they break. Analysts at Global Market Insights guess the predictive maintenance and machine inspection segment in AI in the manufacturing market is projected to grow by 44 percent annually between today and 2025.
“This the perfect next chapter for our employees and our customers,” said Will King, CEO of Clockwork Solutions. “In joining the LMI team, our employees will benefit from expanded professional growth opportunities, and our clients will have access to an array of expertise, tools, and technologies to help them meet their predictive analytics business requirements.”