Schneider Electric has entered into an agreement to acquire InStep Software, a provider of real-time performance management and predictive asset analytics software and solutions. Officials say it is the latest acquisition from the company’s growing software business and will deepen its presence in the power and energy market. The transaction is expected to close in the fourth quarter of 2014, subject to customary regulatory and other closing conditions.

Chicago-based InStep was founded in 1995 and provides two primary real-time performance management and predictive analytics software solutions. Its eDNA historian software collects, stores, analyzes, displays, and reports on real-time operational and machinery sensor data. Its PRiSM predictive analytics software monitors the real-time health and performance of critical assets by using advanced pattern recognition and diagnostic techniques to identify subtle deviations in operating behavior that are often the early warning signs of imminent failures. The company also offers its EBS energy management software, which helps universities reduce their utility costs by analyzing energy consumption and streamlining the utility billing, cost allocation, and reporting processes.