GE Vernova (GEV.US) is considering selling its industrial software business Proficy for as much as $1 billion.

According to reports, American Electric Power Company, Inc. equipment manufacturer GE Vernova (GEV.US) is considering selling its industrial software business, Proficy. The price of this asset could be between $900 million and $1 billion. Sources familiar with the matter have stated that the company is working with financial advisors on the divestiture of the asset and is in discussions with publicly traded companies and private equity firms that own industrial software assets. A representative from GE Vernova stated, "As a rule, we do not comment on rumors or speculation regarding potential mergers and acquisitions." Driven by data centers, new factories, and overall electrification of the economy, electricity demand is soaring to its highest levels in decades. This has also sparked investor interest in electricity-related assets, including electrification software like Proficy. GE Vernova was spun off from GE Aerospace last year. Since the split, GE Vernova's stock price has nearly quadrupled, bringing the company's market value to around $142 billion. Data shows that GE Vernova's revenue from electrification software (including the Proficy series of products) in the first quarter reached $2.24 billion, an increase of almost 9% year-over-year. GE Vernova closed up 2.54% on Friday, at $519.66. The stock has risen by 58% year-to-date.