OneSoft Rings the Bell Again

Posted on December 14, 2020 by Scott Shuda

Canadian software company, OneSoft Solutions (OSSIF), announced another customer win this morning. Consumers Energy, a Michigan-based public utility provider, has entered into a multi-year agreement to adopt Cognitive Integrity ManagementTM (“CIM”) software-as-a-service solution for segments of its pipeline assets.

“The adoption of OneBridge’s software aligns with our 10-year natural gas delivery roadmap and digital transformation strategy. Artificial Intelligence and machine learning capabilities embedded in the solution will assist us to modernize and ensure we have a safe, reliable, affordable and clean gas system. Implementation of the software will also help us to execute on our vision of world class performance advancing the integrity management of our assets and addressing current and future regulatory operational compliance needs,” stated Holly Bowers, Consumers’ Executive Director of Gas Asset Management.

This is the second announcement this month and the third public announcement this quarter for the small AI-oriented company. The BHAG opportunity for the company, described in today’s press release, relates to the requirements established by the Pipeline and Hazardous Materials Safety Administration’s (“PHMSA”) new Mega Rule. The rule imposes new requirements on those responsible for the pipelines. Operators will need to reconfirm the maximum allowable operating pressure and track specific material properties of these lines. In some cases this may be a relatively simple job of organizing and providing existing records; however, an estimated 168,000 miles of pipeline have not been tested and may need to be assessed for the first time to establish attributes such as diameter, wall thickness, seam type, grade and toughness. The Mega Rule also mandates a comprehensive system of risk-based integrity, repair, and validation practices and all operators must deliver clear and auditable records.

Disclosure: I am long OSSIF and may purchase additional shares on this news.

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