Sentient Science Continues Executive Team Expansion with CFO from Public IT Company, Harrington Led Highest Financial Growth in 12-month Period
May 8, 2018 - Buffalo, NY – Sentient Science, a Software as a Service provider for the life extension of rotating mechanical systems in energy and transportation markets, has hired Brendan Harrington as its new Chief Financial Officer in preparation for an initial public offering.
Mr. Harrington joined the Sentient Science executive team from publicly-traded Computer Task Group , a $300+ million IT software services company. He spent 23 years at CTG, serving as CFO for the last 12 years, and as Interim CEO during a transition phase of the company in part of both 2014 and 2015. He also spent three years in Europe managing the financial operations.
Sentient Science provides a materials science and data science-based life extension software, providing long- and short-term life predictions and life extension actions for critical components and major systems of complex rotating equipment in the wind energy, aerospace and rail industries. In July 2017, Sentient closed its Series B Round at $22.5 million and at a 25x multiple on its annual revenue base.
In three years of commercial sales, Sentient Science captured 10% market share of the wind industry, and within its current customer base, will be live monitoring about half of the world’s wind fleet by 2020. Sentient has more customers transitioning from proof of concept to fleet deployments than any other data solution on the market.
Ward Thomas, CEO of Sentient Science, said, “Brendan has been an integral hire to our team. He brings a wealth of experience generating returns to shareholders, managing costs, and creating standard operating procedures that drive efficiencies within the company. Brendan will work closely with me and the other members of the executive team to help our customers lower the cost to operate their equipment by 13% of revenues, enabling our customers to adopt new business models that increase profit margins. With the rapid expansion of software capabilities and opening new commercial markets, we’re expanding our annual revenue growth and on track to execute our IPO plan.”
Brendan spent the last decade of his career developing capabilities within his finance team to support business growth during transition periods. He brings expertise in managing financial systems, SEC reporting, internal controls, treasury and internal audit.
Harrington said, “I’m joining a world class management team. Ward’s success and experiences during the .com, selling Aspect Technologies to i2 Technologies for $9.3 billion in the early 2000s, has proven to be invaluable in carrying out the vision and aspirations of this company. Sentient’s approach to digitalization by connecting the supply chain through materials science opens new value propositions and opportunities for pre-and-post IPO events.”
Sentient has grown its company size from 45 people to 100 with a focus on software engineers, Ph.D. scientists and subject matter experts in wind, aerospace and rail for business development and customer success programs.
Sentient Science was founded in 2001 and took 10 years to develop its DigitalClone technology, which predicts mechanical failure of rotating equipment. NASA validated the approach in 2010, and Sentient Science’s research team, comprising of 20 Ph.D.-level mechanical engineers and materials scientists, continue to work with U.S. federal agencies to improve efficiency and lower costs for the wind, aerospace and rail industries.
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ABOUT SENTIENT SCIENCE:
Sentient Science Corporation is a trusted third party to the operator, predicting the life and reliability of complex rotating equipment. Sentient Science’s cloud-based software, DigitalClone Platform, manages the health and life extension of rotating mechanical equipment using a combination of materials science and data science. The technology models and simulates components and full systems under real-life operating conditions to predict life in three dimensions in time – Now (0-12 months) mid-term (1-3 years) and the long term (5+ years) for the electrification and transportation markets. Operators optimize their maintenance cycles and lower the pre-and post-installation costs of “rotating” systems through life extension actions. Equipment manufacturers use the software for design tradeoff and sensitivity analysis and to prove their life claims to accelerate the sales within DigitalClone Platform. Sentient Science has been recognized by the White House in 2014 with the Tibbetts Award, Bloomberg New Energy Finance Pioneers Award in 2016 and Frost & Sullivan with the New Product Innovation Award in Wind Prognostics in 2017.
Director, Public Relations