By ET Bureau - October 19, 2020 4 Mins Read
Deal Creates Scale and Global Reach as Master Data Becomes Critical for Digital Transformation.
Utopia Global, Inc. a global SAP partner, and leading software and services company for end-to-end data quality, data migration, and data governance solutions announced today, the completion of its acquisition by Genstar-backed Prometheus Group (“Prometheus”), a leading global provider of asset management operations and optimization software.
Co-founded in 2003 by Arvind J. Singh (CEO) and Narinder J. Singh (COO), Utopia currently has over 600 employees worldwide and is widely regarded as the thought leader in master data governance solutions. Trusted master data is a precondition for digital transformation and enables companies to transform themselves into agile, data-driven enterprises. Utopia’s fiercely innovative spirit is reflected in cutting-edge software coming out of its flagship innovation center, Utopia Labs. Utopia holds the distinction of being the only SAP Solution Extension (SolEx) partner for master data governance globally.
Genstar acquired Prometheus in 2019 for over $1 billion and has been actively working with its management team to identify long-term strategic growth opportunities; Utopia, with its focus on data, completed the loop for Prometheus and its customers. Operating as a separate business unit of Prometheus Group, Utopia will continue to enhance its partnership with SAP via a heightened focus on go-to-market collaboration and product innovation within existing, and forthcoming SAP software products.
“It’s a very proud day for all Utopians as we stand tall and reflect on our accomplishments over the last 18 years. Together, we have built a world-class organization that has a reputation for solution excellence, intense customer focus, and an unparalleled model for partnering. We are humbled to be considered an employer of choice by hundreds of colleagues as we strive every day to create a culture that fosters collaboration, encourages risk-taking, and rewards breakthrough thinking,” said Arvind J. Singh, Co-Founder and CEO. “When Genstar and Prometheus Group approached us, we were thrilled at the opportunity to accelerate our journey with partners that share our passion and vision for data as a critical building block in the digital revolution,” added Singh.
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“The foundation of the digital enterprise is clean, consistent, and complete master data. Not only do companies need good master data to fully realize their investments in computerized maintenance management systems, 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,” said Prometheus Group founder and CEO, Eric Huang. “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,” added Huang.
“Joining the Genstar and Prometheus Group of companies extends our reach, capabilities, and coverage. Our solutions have resonated with customers for years; now we can accelerate growth into newer areas of innovation such as Cloud and Data-as-a-Service (DaaS) while doubling down on existing investments like our machine learning platform. This creates exciting growth opportunities for all our colleagues as well,” said Narinder J. Singh, Co-Founder and COO. “At the same time, I want to assure our customers and partners that you can expect the same focus and commitment to your success, as always,” added Singh.
“We are very pleased to welcome Utopia to our growing portfolio of companies,” said Eli Weiss, Managing Director, Genstar Capital. “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 a diverse customer base spanning various industries and locations globally, will greatly enhance Prometheus’ suite of solutions that will better serve all customers,” added Weiss.
Lazard served as exclusive financial advisor to Utopia, and Katten Muchin Rosenman served as legal advisor.
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