Demand Management, Distributed Energy Resources, Industrial, Utilities - May 8, 2017
Itron to acquire Comverge for $100M
Grid technology and services company Itron Inc. has reached an agreement to acquire demand response provider Comverge in a deal valued around $100 million, the companies announced May 8.
Itron said the acquisition of Comverge's parent company, Peak Holding Corp., will enable an expanding scope of smart grid offerings. Itron expects to deploy Comverge's demand management solutions at the grid edge using Itron's industrial Internet-of-Things platform, Riva.
Comverge is a provider of integrated cloud-based demand response, energy efficiency and customer engagement solutions for electric utilities focused on residential and small businesses; the company merged its commercial and industrial demand response business with Constellation in 2014.
According to the May 8 news release, Comverge has enrolled and deployed nearly 3 million energy management devices into mass market demand management programs. In 2016, the company generated $60 million in revenue.
“There are tremendous opportunities that exist, between our technologies, operations and customer relationships. The combination of Comverge and Itron is beneficial for both companies and, most importantly, to our employees and customers," Comverge Chairman, President and CEO Gregory Dukat said in a statement. "We've spent the last several years successfully pivoting from a hardware-oriented demand response company to a software and services company focused on delivering increased value to our customers. By integrating with Itron's platform, we create a more compelling offer that leverages data and analytics to optimize the management of distributed energy resources, delivering even greater customer value."
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