SolveIT snapped up by Schneider Electric

Adelaide software maker SolveIT has been snapped up by French industrial giant Schneider Electric.

SolveIT makes demand planning and forecasting software that is used by a vast array of mine, industrial and supply chain-oriented companies, including Rio Tinto, BHP Billiton, Fortescue Metals Group, Xstrata, BMA Coal and Incitec Pivot.

The software maker issued a brief statement confirming the buyout, but did not provide detail on how it would integrate with Schneider Electric, other than to say that its tools would be combined with Schneider's production analytics software and presented as a single "platform".

"The combined platform will enable customers to deliver more from their existing assets than ever before and thereby maximise profitability per unit output," SolveIT said.

Aside from demand planning and forecasting, SolveIT has a portfolio of mining systems that include exploration management and mine-to-port logistics optimisation.

SolveIT founder Matthew Michalewicz would stay with the company post-acquisition, AdelaideNow reported.

The firm is to stay headquartered in Adelaide and "would be heavily focused on mining initially", the report said.