TPG to acquire GE Vernova’s Proficy software business for $600M

GE Vernova (GEV) and TPG (TPG) announced the signing of a binding agreement confirming the intent under which TPG will acquire GE Vernova’s Proficy manufacturing software business for $600M. GE Vernova may receive additional sale proceeds in the future depending on various outcomes and conditions. TPG will invest in Proficy through TPG Capital, the firm’s U.S. and European private equity platform. “The proposed transaction would establish Proficy as a standalone software business that helps its more than 20,000 customers manage complexity, enable greater efficiency, and improve connectivity across their industrial operations. Proficy’s software portfolio solves industrial challenges across discrete, process, and hybrid manufacturing, as well as metro transit and other infrastructure applications. Its fully integrated solutions include cloud-based and on-prem HMI/SCADA, MES, industrial data management, and analytics, offering architectural flexibility from equipment to the production line, plant, and full enterprise. In partnership with TPG, Proficy would continue to deliver enhanced and expanded offerings that meet the evolving needs of teams across the broader manufacturing and infrastructure sectors. This manufacturing software business currently comprises approximately 20% of GE Vernova’s Electrification Software revenues,” the company stated.