Investment to support Caterpillarâ€™s mining customers with financial forecasting and scenario analysis
Caterpillar Venture Capital Inc., a wholly owned subsidiary of Caterpillar Inc. (NYSE:CAT), announced today a strategic investment in Alight, Inc., a San Francisco-based SaaS (software as a service) technology company that develops industry-specific solutions for financial forecasting and scenario analysis. The unique software has modules that are designed specifically for different industries, with mining and mortgage banking as the first two target industries.
Caterpillar has begun discussions with Alight Mining Solutions to develop enhanced solutions that will combine data from technology-enabled machines with financial forecasting software to help mining companies make more real-time business decisions.
Alightâ€™s cloud-based products allow users to pull data from other systems such as CatÂ® MineStarâ„˘, quickly run multiple scenarios to facilitate financial decision making and then create enterprise-level financial forecasts.
â€śWeâ€™re always looking to invest in new ways that could help Caterpillarâ€™s customers improve their profitability, especially through the use of technology,â€ť said Jim Hawkins, managing director of mining technology for Caterpillar. â€śAlightâ€™s technologies can allow our customers to see the financial impact of a machine or technology purchases as well as operational decisions before they’re made.â€ť
â€śWe are thrilled to partner with Caterpillar and help bring new levels of innovation to the global mining industry,â€ť said Michele McGovern, CEO, Alight, Inc. â€śCaterpillarâ€™s technology is making huge quantities of rich information available to its customers and our intention is to combine this data with Alightâ€™s solutions so that data can be used to drive decision making to find greater profits and opportunities for growth.â€ť
Like Cat MineStar, Alightâ€™s mining offering was developed by mining industry experts, specifically for mining customers. Combining Alightâ€™s software with Cat MineStar will allow production data such as tons-moved to be viewed in context of financial information such as costs and revenues, helping miners make assessments at the site level and analyze strategic opportunities throughout the enterprise.
â€śOur mining customers make decisions on very large capital investments, in market conditions that are constantly changing,â€ť continued Hawkins. â€śWe believe that the solutions we are looking to develop with Alight could help them better understand the impact of these decisions on production and operations as well as on profit margins and cash flow.â€ť
CatÂ MineStar, part of the Cat Connect family of technologies and services, helps customers deal with everyday challenges: controlling costs, extending equipment life, and enhancing safety. For mines large and small, above and below ground, Cat MineStar works with any brand of equipment helping customers leverage data across their existing machines, systems, and technologies to boost business results and gain their competitive edge.
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2016 sales and revenues of $38.537 billion, Caterpillar is the worldâ€™s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments – Construction Industries, Resource Industries and Energy & Transportation – and also provides financing and related services through its Financial Products segment. For more information, visitÂ caterpillar.com. To connect with us on social media, visitÂ caterpillar.com/social-media.
Alight is a fast-growing provider of industry-specific, cloud-based applications that change the way businesses are run. Alightâ€™s applications let executives Manage the FutureĂ” by showing the financial ripple effects of potential decisions across the enterprise. Alight works with firms in dynamic and complex industries, including mining and mortgage banking. For more information:Â alightinc.com.