ITRON, INC. acquires Comverge, Inc. (Peak Holding Corp.)
Snapshot
ITRON, INC. acquired Comverge, Inc. (Peak Holding Corp.) for approximately $100 million in June 2017. The transaction was structured as all cash (acquired parent company Peak Holding Corp.). Comverge, Inc. (Peak Holding Corp.) is a United States-based Demand response / grid edge software business.
- Acquirer
- ITRON, INC.
- Target
- Comverge, Inc. (Peak Holding Corp.)
- Value
- approximately $100 million
- Date
- June 2017
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
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
No advisory firms have been disclosed for this transaction.