Hamilton-based Viziya sells for $49.4 million

Quarterhill recently announced the sale of Viziya to Raleigh, NC-based Prometheus Group for cash proceeds of $49.4 million CAD.

Viziya, a software and services provider that helps companies optimize their asset performance and uptime, was itself acquired by Quarterhill in June of 2017. According to the press release, proceeds from the transaction will be used to support Quarterhill’s growth initiatives.

“While VIZIYA has been a solid performer and we were not proactively looking to sell the Company, we believe this transaction provides several strategic benefits to Quarterhill,” said John Gillberry, Chair of Quarterhill. “One, it generates significant cash proceeds and further strengthens our balance sheet. Second, it enables us to both drive our future growth and return some capital to shareholders, which will be the subject of an announcement on May 21, 2020, and, third, it delivers a strong internal rate of return (IRR) on our initial investment in VIZIYA.”

Prometheus Group is a global provider of comprehensive and intuitive plant maintenance operations and optimization software, with a broad platform of solutions addressing the unique idiosyncrasies and requirements of heavy asset operators.

“This transaction fits very well with our objectives to help customers optimize their asset performance and expand our presence in the asset management market,” said Eric Huang, Founder and Chief Executive Officer of Prometheus Group. “VIZIYA has a robust suite of products and services, and a strong reputation among its clients in the asset-management market. We look forward to welcoming their team and their customers to Prometheus and to helping VIZIYA achieve its growth potential.”