Addition of ProModel Portfolio Significantly Advances BigBear.ai Commercial Growth Strategy with a Focus on Operational AI to Enhance Design, Manufacturing, and Process Optimization
BigBear.ai (NYSE: BBAI), the leader in AI-powered analytics and cyber engineering solutions, today announced it has acquired ProModel Corporation, a provider of simulation-based predictive analytics software for manufacturing, healthcare, shipbuilding, and other industries. The accretive acquisition furthers BigBear.ai's commercial growth strategy with the addition of industry-leading modeling applications used by hundreds of global customers, including many Fortune 500 companies.
BigBear.ai makes artificial intelligence (AI) accessible and trustworthy for operational decision-making, providing expert, actionable guidance to federal and commercial customers faced with highly complex environments. In December of 2020, BigBear.ai acquired ProModel Government Services, expanding the company's modeling and simulation capabilities for federal customers. With the acquisition of ProModel Corporation, BigBear.ai can now leverage these capabilities in the commercial sector to optimize decision making with improved insights into supply chains, market conditions, equipment maintenance, capacity planning, and process efficiency.
"ProModel's solutions uncover new insights to improve quality and efficiency in manufacturing, distribution, and many other industries, making them a great fit for our commercial strategy," said BigBear.ai CEO Dr. Reggie Brothers. "ProModel's focus on helping organizations make better decisions faster, coupled with its unrivaled corporate culture, perfectly aligns with our vision and mission. Our AI-powered decision support technology will offer tremendous advantages to ProModel's customers. We're excited to welcome them and all ProModel employees and partners into the BigBear.ai community."
"We've had an incredibly strong relationship with BigBear.ai since its acquisition of ProModel's Government Services business two years ago," said Keith Vadas, President and CEO of ProModel Corporation. "The synergies between our technology and vertical market focus made joining forces the right move and gives us additional resources to deliver scalable, trusted AI technology and expertise to significantly increase value to our customers."
ProModel solutions are distributed globally by Datech Solutions, the Autodesk®-focused business of Tech Data, a TD SYNNEX company. ProModel also has a direct co-marketing agreement with Autodesk for ProModel AutoCAD® edition and other ProModel solutions that work seamlessly with the Autodesk® Product Design and Manufacturing Collection which includes AutoCAD®, Inventor® and Factory Design Utilities® and can be extended to the Forge® Platform. According to HG Insights. AutoCAD alone is used by more than 500,000 companies worldwide. The acquisition of ProModel Corporation enables BigBear.ai to leverage these strategic channels to accelerate the adoption of both ProModel and BigBear.ai solutions on a global scale.
"The addition of ProModel's talented workforce and innovative product suite to BigBear.ai will allow us to unlock critical new insights for predictive maintenance and process optimization, helping customers achieve efficiencies and responsiveness not previously possible," said Jeff Dyer, President of Commercial for BigBear.ai. "ProModel's powerful, easy-to-use software and established relationships with market leaders like Autodesk and Datech Solutions provide a strong foundation for us to rapidly build on their success and accelerate market penetration across the globe."
Unique data enrichment and machine learning capabilities give BigBear.ai a competitive advantage in purview, speed, scalability, and accuracy for its predictive decision support technology. As a result, BigBear.ai solutions are widely used in the federal sector, with long-standing customers in the U.S. Department of Defense and Intelligence Community, among others. In 2021, BigBear.ai expanded its offerings and go-to-market strategy to address the private sector, starting with logistics, manufacturing, and the commercial space industry. The ProModel acquisition significantly expands BigBear.ai’s commercial and geographic footprint, adding hundreds of customers in more than 30 countries worldwide.
For more information about ProModel Corporation and ProModel solutions, visit www.promodel.com.
BigBear.ai delivers AI-powered analytics and cyber engineering solutions to support mission-critical operations and decision-making in complex, real-world environments. BigBear.ai's customers, including the US Intelligence Community, Department of Defense, the US Federal Government, as well as customers in manufacturing, logistics, the commercial space industry, and other sectors, rely on BigBear.ai's solutions to see and shape their world through reliable, predictive insights and goal-oriented advice. Headquartered in Columbia, Maryland, BigBear.ai has additional locations in Virginia, Massachusetts, Michigan, and California. For more information, visit: https://bigbear.ai and follow us on Twitter: @BigBearai.
About ProModel Corporation
ProModel Corporation, based in Allentown, PA, was founded in 1988. ProModel specializes in commercial off-the-shelf software to help organizations optimize portfolios, projects, processes, and resource decisions that best align with business strategy. For more information, visit www.promodel.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding: the planned acquisition of ProModel Corporation and the timing thereof, the impact of the acquisition on BigBear.ai's business performance; the impact of the transaction on BigBear.ai's and ProModel's products and services capabilities, customers, and partners; and BigBear.ai's strategic priorities.
Factors that could cause actual results to differ materially include the following: BigBear.ai's ability to successfully integrate ProModel's business; costs related to the acquisition; the impact of COVID and the volatile geopolitical climate; changes in ProModel's customer base, partner channel, or geographic footprint; the competitive environment in the manufacturing and distribution industries and competitive responses to the acquisition; BigBear.ai and ProModel's success developing new products or modifying existing products and the degree to which these gain market acceptance; general market and business conditions; unanticipated impact of accounting for acquisitions; and the ability to satisfy the conditions to the completion of the acquisition on the anticipated schedule, or at all.
Further information on potential factors that could affect the financial results of BigBear.ai are included in BigBear.ai's Form 10-K, which is on file with the U.S. Securities and Exchange Commission. BigBear.ai disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.