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