A game-changing agreement signed accelerating MODS standing in the industrial software market with support from Sintons
A “game changing” agreement between JGC Corporation and MODS will see a near one billion yen investment into the latter, accelerating its standing in the industrial software market.
The recently-signed capital participation agreement is for a 40% allocation of shares, and is hailed as heralding a game-changing partnership in industrial software supply to the energy sector.
MODS, which works globally from its base in Aberdeen, is already driving digital transformation in the energy sector with innovative industrial software applications that help operators and EPC’s plan, execute, and handovers in brownfield projects.
The investment builds this further still, with the launch of MODS Origin for new build projects. Jointly developed with JGC Corporation to digitalise the management of construction phases for EPC projects, MODS has hailed it as “firmly push(ing) our Industry 4.0 agenda”.
MODS was supported in securing the investment by corporate specialists at law firm Sintons.
This new phase in simplified and accurate reporting software will connect the remote workforce with safe and secure mobile technology specifically for greenfield projects. Organisational benefits include improved processes, productivity, and enhanced visibility into every step of project execution.
Jon Bell, chief executive of MODS, said: “The investment from JGC in MODS is a significant milestone in our journey. This will help us serve existing customers better and open the opportunities to accelerate our software solutions delivery to the market, enabling their digital journey. This agreement will allow our customers to eliminate bottleneck processes, and accelerate their projects’ economic viability.
“We are incredibly proud to be aligning with JGC, who are investing in the next chapter of digital transformation with MODS technology. JGC’s investment in MODS extends our ability to deliver much-needed solutions to enable cost-cutting benefits to our customers.”
For JGC, using the Advanced Work Packaging (AWP) module based on the MODS overarching software means accelerating Digital transformation (DX) as part of their ‘IT Grand Plan 2030’, which was formulated in 2018. The move essentially aims to improve efficiencies in project execution and accelerate the use of DX to benefit the energy industry.
The investment in MODS will enhance its offering to all EPCs looking to improve project execution competitiveness. MODS will continue developing and strengthening the existing solution for building, expanding, maintaining, and operating facilities, with the insights direct from engineers to engineers to provide fit for purpose solutions.
Matt Collen, partner in the corporate and commercial team at Sintons, and senior associate Emma Pern – recently named again as a rising star by Legal 500 – supported Jon Bell and MODS in the transaction.
“This is a very significant partnership within the industrial software market, which sees the combination of huge levels of expertise and innovation, backed by a sizeable investment. MODS has made great progress in recent years and this partnership with JGC Corporation promises to help unlock the next level,” said Emma.
“We were very pleased to support Jon and his team in this transaction.”