Greentech Advises


Greentech Advises Itron on its Acquisition of Comverge
June 6, 2017

Greentech Capital Advisors is pleased to announce the following transaction:
Exclusive financial advisor on its acquisition of

$100,000,000June 2017

*

CLIENT 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.

* Mandated through Nomura Greentech Capital Advisors, LLC (formerly known as Greentech Capital Advisors Securities, LLC)

TRANSACTION OVERVIEW

  • Itron to acquire Comverge, an industry-leading provider of integrated cloud-based demand response, energy efficiency and customer engagement solutions
  • The acquisition combines a longtime leader of demand response with a world-leader in gas, water, electricity and smart cities solutions, expanding the scope of Itron’s smart grid offerings for the industry
  • 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 and measurement and verification
  • To date, Comverge has enrolled and deployed nearly 3 million energy management devices into mass market demand management programs and in 2016, the company generated $60mm in revenue
  • Integrating demand response with Itron’s platform leverages data and analytics to optimize the management of distributed energy resources and deliver even greater customer value
  • The consideration for the all-cash transaction was approximately $100mm

Greentech Capital Advisors acted as financial advisor to Itron.

Philip Mezey, Itron’s President and Chief Executive Officer, commented, “The acquisition of Comverge enables Itron to offer a unique solution set that brings Comverge’s demand management solutions to the edge of the network using OpenWay Riva’s edge intelligence and processing capabilities. This will enable utilities to better integrate distributed energy resources and optimize grid performance and reliability. With this acquisition, we are delivering even more value for our customers on top of industryleading AMI and smart grid solutions enabling a robust, active grid.”

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For additional information about this transaction, please contact:

Jeff McDermott
Managing Partner
+1 (212) 946-3940
jeff@greentechcapital.com

Michael Horwitz
Partner
+1 (415) 697-1561
mhorwitz@greentechcapital.com

On April 1, 2020, Nomura Holding America Inc. acquired Greentech Capital Advisors Securities, LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory authority (“FINRA”), and renamed it Nomura Greentech Capital Advisors, LLC (“NGCA LLC”). Clients who engaged with Greentech Capital Advisors Securities, LLC prior to April 1, 2020 will remain clients of NGCA LLC, unless otherwise notified. Otherwise, all activities of Nomura Greentech in the U.S. are conducted by Nomura Securities International, Inc. (“NSI”), a broker-dealer registered with the SEC and a member of FINRA. All services of Nomura Greentech conducted outside of the U.S. will continue to be provided by Greentech Capital Advisors, AG, located in Switzerland and renamed Nomura Greentech Capital Advisors, AG (“NCGA AG”). NGCA AG does not provide services that require it to be licensed as a broker-dealer in Switzerland and is not so licensed. As of April 1, 2020, NSI, NGCA LLC, and NGCA AG are affiliates under common control. The greentechcapital.com web domain provides information about NGCA LLC, NSI and NGCA AG.

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