Case Studies


Itron’s Acquisition of Comverge

TRANSACTION OVERVIEW

  • On May 8, 2017, Itron, Inc. (“Itron”) announced its
    acquisition of the privately held Comverge by purchasing
    its parent company, Peak Holding Corp.

ITRON OVERVIEW

  • Itron (NASDAQ: ITRI) is a world-leading technology and
    services company dedicated to the resourceful use of
    energy and water
  • Itron provides comprehensive solutions that measure,
    manage and analyze energy and water
  • Itron’s broad product portfolio includes electricity, gas,
    water and thermal energy measurement devices and
    control technology; communications systems; software;
    as well as managed and consulting services
  • With thousands of employees supporting nearly 8,000
    customers in more than 100 countries, Itron applies
    knowledge and technology to better manage energy
    and water resources

COMVERGE OVERVIEW

  • Comverge is an industry-leading provider of integrated
    cloud-based demand response, energy efficiency
    and customer engagement solutions that enable
    electric utilities to ensure grid reliability, lower energy
    costs, meet regulatory demands and enhance the
    customer experience
  • Through its combination of software, hardware and
    services, Comverge helps utilities optimize every aspect
    of a demand management program, from participant
    recruitment and device installation to call center support,
    control events, measurement and verification
  • Comverge has enrolled and deployed nearly 3 million
    energy management devices into mass market demand
    management programs and in 2016, the company
    generated $60 million in revenue

GREENTECH’S ROLE

  • Greentech served as exclusive financial
    advisor to Itron and was closely involved
    in all aspects of the transaction, including
    structuring, valuation, due diligence and
    negotiation
  • Greentech’ s extensive energy efficiency
    and smart grid sector experience allowed
    Itron to execute the acquisition with
    unparalleled transactional insights

WHAT THE TRANSACTION
MEANS FOR THE ENERGY EFFICIENCY
AND SMART GRID SECTORS

  • The growing need for utilities to meet energy
    efficiency regulations, enable customer
    choice in energy management and better
    optimize the use of distributed energy
    resources is driving a convergence
    between smart connected networks and
    demand side solutions
  • Merging Comverge’s solution with Itron’s
    OpenWay Riva solution will allow utilities
    to seamlessly connect with homes to
    improve operational efficiency, distribution
    and energy efficiency, while allowing
    consumers to directly participate in
    managing energy use