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WI Watchlist: Rockwell, Wellbe, Generac, API Healthcare & More

Xconomy Wisconsin — 

Here’s a roundup of recent news from Wisconsin’s high-tech industries:

—Rockwell Automation (NYSE: ROK), the Milwaukee-based seller of hardware and software that enables industrial automation, is forming a joint venture with Houston-based Schlumberger (NYSE: SLB), a maker of products for drilling and other tasks in the oil and gas industry. The new venture, called Sensia, plans to sell software-based automation products and services aimed at helping oil and gas customers improve their operational efficiency. Sensia will be headquartered in Houston and is expected to employ 1,000 people and generate $400 million in annual revenue.

As part of the deal, which is expected to close this summer, Rockwell will pay $250 million in cash to Schlumberger. Rockwell will own 53 percent of the company, and Schlumberger will own 47 percent, according to a press release.

—API Healthcare, a Hartford-based seller of workforce management software and services for the healthcare industry, is being sold for the second time in a year. Houston-based Symplr, a healthcare-focused governance, risk, and compliance software firm backed by Clearlake Capital Group, has agreed to purchase API for an undisclosed price from private equity firm Veritas Capital. Veritas acquired API last year from GE Healthcare as part of a $1.05 billion cash deal.

—Wellbe, a Madison-based healthcare software firm, raised $4.6 million in financing, a combination of equity, debt, and other securities, according to an SEC filing. The investment could grow to $5 million, the document shows. Wellbe CEO James Dias didn’t respond to an e-mail seeking comment on the funding.

Wellbe’s products include cloud-based software that helps guide patients through the steps necessary to ensure a successful surgery or medical treatment.

—Two former GE Healthcare employees recently raised $625,000 in seed funding for their new startup, Part Analytics, BizTimes Media reported. The Milwaukee-based startup is developing data analytics software to help procurement and engineering professionals in the electronics sector find ways to save their businesses money. Co-founder and CEO Jithendra Palasagaram was previously senior manager of global sourcing at GE Healthcare, while co-founder and head of product Jesil Pujara worked at GE Healthcare in several engineering roles.

—Markable, a startup developing artificial intelligence tools for online sellers of clothing and fashion accessories, moved its operations from Madison to New York at the end of last year, The Cap Times reported. Read more about Markable’s origins in this Xconomy story from 2016.

—Generac Power Systems (NYSE: GNRC), the Waukesha-based maker of power generators and other equipment for homes and businesses, plans to roughly double the size of its team working on technologies for connecting its machines to the Internet, BizTimes Media reported. The new hires would bring Generac’s connected devices team to between 40 and 50 employees, according to the report.