RemSense Technologies Ltd (ASX:REM) has agreed to acquire the Virtual Plant background intellectual property (IP) from Woodside Energy Technologies Pty Ltd, an important step in delivering its enterprise-grade, scalable, digital twin solution.
The company will acquire the IP for a total consideration of A$400,000, which is due to be settled this Wednesday, and shares are 16.67% higher to $0.21.
RemSense previously had a licence agreement with Woodside that enabled this IP developed in the system for Woodside to be used across the Virtual Plant platform for a licence fee.
The company continues its collaboration with Woodside where it recently converted its original Virtual Plant services contract to a cloud-based Software as a Service (SaaS) agreement.
Scalable digital twin solution
RemSense managing director Steve Brown said: “Ensuring the IP is owned by RemSense is an important step for RemSense in establishing our enterprise-grade, scalable digital twin solution.
“This agreement simplifies our commercial model with our business partners and improves overall product profitability.
“The SaaS-based solution allows us to deploy Virtual Plant at speed and scale.
“We can have an operational digital twin live in 4 to 6 weeks for any major asset.”
What is a virtual plant?
Virtual Plant is a productive and scalable photographic fabric environment that enables visual information from a distributed asset network to be available to all users companywide.
Accessible across the entire organisation using existing hardware, software and networks, Virtual Plant provides secure data access globally – anywhere, anytime.
Virtualplant’s ease of accessibility drives adoption throughout your entire organisation, empowering your business with increased knowledge of all assets.
It is a tool that is quick to scan, quick to process, simple to update and simple to deploy.
About the company
RemSense is a technology solution and visualisation company, aiming to deliver productivity improvements, safer workplaces and increased operational efficiency.
Listing in November last year, the company has a three-pronged approach involving engineering and innovation, data capture and insights, and the Virtual Plant digital twin technology.