Milwaukee-based
Part Analytics, a company offering a cloud-based SaaS solution for procurement analytics of electronic components, has been acquired by San Diego-based
Altium.
Altium, owned by Renesas Group, is a software company focused on electronics innovation. Terms of the deal were not disclosed,
Part Analytics was founded by former GE Healthcare leaders
Jithendra Palasagaram and
Jesil Pujara. Procurement specialists can use the company’s software to identify suppliers, negotiate contracts and price materials for a large original equipment manufacturing corporation. Part Analytics aims to reduce costs and generate actionable insights for those Fortune 200-size firm.
The company completed a $625,000 seed round
in 2019 led by the
Idea Fund of La Crosse. The acquisition of Part Analytics is the second exit by a company from the Idea Fund’s portfolio.
"By joining Altium, Part Analytics’ electronics supply management platform will become part of a vast, connected electronics creation ecosystem in which customers can more efficiently execute design, sourcing, component acquisition, and lifecycle management through a single platform,” said Palasagaram. “Customers can continue to expect the same great product experience and customer support from Part Analytics going forward as part of Altium.”
Following the acquisition, Altium will introduce a component and parts management application into its cloud-based collaboration platform, called Altium 365. This will allow Altium to support new groups of customers in supply chain and procurement. The acquisition also allows Altium to offer large-scale supply chain and procurement capabilities for enterprise companies, the company said.
“Altium’s acquisition of Part Analytics represents a further step forward toward our vision of a fully connected electronics value chain and electronics lifecycle management system for enterprise organizations,” said
Aram Mirkazemi, president of Altium. “Part Analytics will play an important role in our transformative pursuit of the electronics industry."
