ITRON, INC. acquired Comverge, Inc. (Peak Holding Corp.) for approximately $100 million, a transaction completed in June 2017, structured as all cash (acquired parent company Peak Holding Corp.).
Comverge, Inc. (Peak Holding Corp.) operates in Demand response / grid edge software, is based in United States. Comverge was an industry-leading provider of integrated demand response, energy efficiency and customer engagement solutions. Itron acquired Comverge by purchasing its parent company, Peak Holding Corp. The deal expanded the scope of Itron's smart grid offerings and enabled integrated cloud-based demand response, energy efficiency and customer engagement solutions.
The acquisition combines a world-leader in gas, water, electricity and smart cities solutions with a longtime leader of demand response, which expands the scope of smart grid offerings for the industry. 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.
Comverge had pivoted from hardware to a software-and-services demand-response model, giving Itron grid-edge analytics that complemented its AMI/smart grid platform. Integrate Comverge's demand management with OpenWay Riva edge intelligence to optimize distributed energy resources and grid performance. Integrated into Itron's smart grid / Outcomes offerings
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.Philip Mezey, President and CEO, Itron, Inc.
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.Gregory Dukat, Chairman, President and CEO, Comverge
Advisory firms were not disclosed for this transaction.