Dive Brief:
- Energy management company EnerNOC has bought global utility bill management software firm EnTech USB.
- The UK-based firm is the third international company EnerNOC has bought since the start of the year.
- EnTech software underpins more than 200,000 utility tariffs, and over eight of the Fortune 50 are clients. It has about $10 million annual revenue. The deal should close by the end of the month.
Dive Insight:
Industry analysts Baird Equity said that Entech would be a “strong compliment” to EnerNOC’s current product offerings, and “should improve EnerNOC’s cross-selling abilities.”
With a global client base, EnTech furthers EnerNOC’s growing international business. Last year, 20% of EnerNOC’s revenue came from outside North America.
Offering energy efficiency software will help expand EnerNOC’s operations in Germany, one of the largest potential international markets, according to EnerNOC’s co-founder David Brewster.