Mitsui & Co. Ltd. Becomes Equity Investor in OSIsoft LLC and Enters Agreement to Expand Opportunities for the Internet of Things
Tokyo, Japan and San Leandro, California. (April 5, 2016)-- OSIsoft LLC, a global leader enabling operational intelligence, is proud to announce that Mitsui & Co., Ltd. ("Mitsui") has become an equity investor in the company.
Additionally, OSIsoft and Mitsui have entered into memorandum of understanding to explore new business opportunities. Mitsui will support the expansion of OSIsoft's PI System through its global network of affiliated customers and business partners and will look to develop new Internet of Things solutions with OSIsoft. Mitsui will also promote its digital transformation initiatives through the implementation of the PI System with its group companies as well as explore developing new business models for delivering these technologies.
“OSIsoft is a proven pioneer in technology that unleashes the power of data,” said Nobuaki Kitamori, Executive Managing Officer and COO of IT & Communication Business Unit at Mitsui. “By leveraging our various business assets and unique position in the market, we can help companies create new services and meet the challenges of tomorrow.”
Deployed at over 19,000 sites worldwide, OSIsoft's PI System is used by enterprises to capture, monitor and visualize operational data such as energy consumption, productivity or complex process flows in real time. Compatible with hundreds of software applications and interfaces, the PI System transforms disparate streams of information into a comprehensive data infrastructure. With insight generated by the PI System, organizations can increase productivity, improve quality and safety, and make better long-term strategic decisions.
Over 1000 leading utilities, 95 percent of the largest oil and gas companies, numerous government agencies and more than 65% of the Fortune 500 industrial companies use the PI System. Worldwide, PI Systems manage over 1.5 billion real-time sensor-based data streams.
Founded in 1980, OSIsoft has over 1,200 employees and over $330 million in annual revenue. Existing OSIsoft equity investors include Technology Crossover Ventures, Tola Capital and Kleiner, Perkins, Caufield and Byers.
The PI System is rapidly growing and being deployed in new areas such as transportation, telecom, datacenter and smart cities to help those customers optimize real-world processes and achieve other strategic goals through data. The PI System is also being increasingly utilized to support predictive analytics and Big Data initiatives.
“We are extremely gratified to be working with Mitsui, which has been global leader for over a century,” said Dr. J. Patrick Kennedy, OSIsoft founder and CEO. “At OSIsoft we have always believed that people can transform the world through data. This alliance will enable us to bring the PI System to a growing audience.”
Mitsui & Co., Ltd. is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 141 offices in 66 countries as of March, 2015. Utilizing its global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, IT & Communication, Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world.
OSIsoft Media Relations