Urbint announced Oct. 28 the acquisition of Opvantek, a leading provider of risk-based asset management solutions for gas, electric and telecommunications utilities. Urbint specializes in artificial intelligence (AI) for gas safety and risk reduction.
Opvantek’s deep domain knowledge of pipeline integrity, paired with Urbint’s leading-edge technology and funding from Energy Impact Partners, is a leap forward for incident prediction and represents a significant shift toward technology innovation in the gas industry. The companies’ collective product suite addresses some of the largest risks gas operators face, including integrity management, main replacement, damage prevention, methane leaks, cross bores, cathodic protection, corrosion and worker safety.
For more than 25 years, Opvantek has developed best-in-class utility software applications, which are used to assess risk on more than 25 percent of the natural gas distribution pipes in the United States. Opvantek’s customers include some of the country’s largest utilities, such as Con Edison, Exelon, Dominion and NiSource. Twenty of the top 25 largest gas utilities in North America, including Southern Company, National Grid and Xcel Energy leverage Urbint’s AI-powered solutions to reduce risk. With the customer additions from Opvantek, Urbint now services 80 percent of the North American natural gas utility industry.
“Urbint and Opvantek share a common goal, making communities safer and more resilient. Independently, Urbint and Opvantek have pursued this goal by delivering solutions that help utilities measure and mitigate risk,” said Corey Capasso, CEO and founder, Urbint. “The combination of our technology solutions will accelerate our ability to deliver an enterprise risk platform more powerful than the gas industry has seen before.”
Opvantek is now a wholly owned subsidiary of Urbint and will continue to operate from its headquarters in Yardley, Pennsylvania, with shared resources and support from Urbint.
Tags: mergers and acquisitions, Opvantek, Urbint