BOSTON, April 14, 2014 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy intelligence software (EIS), today announced that it has entered into an agreement to acquire EnTech, the leading provider of global utility bill management (UBM) software. EnTech's software is currently deployed in over 100 countries, including many of the world's fastest growing economies, such as China, India, and Brazil.
EnTech's software supports 200,000 utility tariffs worldwide and currently processes over one million utility bills per year for its customers, making billing data accessible to key decision makers in finance, operations, and the C-suite. The combination of real-time energy data, tariffs, and monthly utility bill data on EnerNOC's EIS platform will now enable real-time visibility and forecasting of energy costs and empower better energy management across global enterprises.
"EnTech has impressive global reach. Its software product is the global UBM solution of over 50 enterprises. Eight of the Fortune 50, including the largest companies in the world in telecommunications, consumer products, banking, and auto manufacturing rely on EnTech's UBM software," said Tim Healy, Chairman and Chief Executive Officer of EnerNOC. "EnTech's success to date is especially impressive considering that it has built its global presence primarily on its reputation and product differentiation without a sales force or marketing support."
"This acquisition is consistent with our strategy to diversify beyond demand response," continued Mr. Healy. "Global UBM capability is a key differentiator of an EIS offering and we're excited to leverage the full strength of EnerNOC's sales and marketing engine to drive adoption of our EIS offering around the world."
EnTech generates approximately $10 million in revenue annually and has offices in eight countries. It is headquartered in the United Kingdom and operates a software development center in Mumbai, India with approximately 100 employees at that location. The transaction is expected to close in April 2014.
Additional Supporting Commentary:
"EnTech stands out as the clear global leader in the utility bill management market and is an ideal fit for EnerNOC's growth strategy, which includes accelerating global adoption of our full suite of EIS applications. With its global tariff engine, a field-proven software solution that supports local currency in over one hundred countries, and a thriving software development center in India, EnTech significantly advances our position as the leading provider of a complete EIS solution," said Micah Remley, Vice President of Product Strategy and Technology at EnerNOC.
"We're excited to join the EnerNOC family. EnerNOC's ability to capture and analyze real-time energy, weather, and market data will greatly enhance the overall value our UBM customers currently receive. In addition to accelerating and streamlining data collection, the combination of monthly bill data with real-time energy consumption data greatly improves an organization's ability to effectively manage energy," said Oliver Dowson, Chief Executive Officer of EnTech.
"Managing utility bill data in spreadsheets is cumbersome and inadequate, particularly for companies with dozens or hundreds of utility accounts. We view a software-based bill management application as a foundational element of any energy management software solution. With nearly two-thirds of the 250 global corporate energy leaders we spoke with expecting their organization's spending on electricity and gas to increase in 2014, almost 80 percent consider it important to improve management of their utility bills," said Matt Heffley, an Analyst at Verdantix.
About EnerNOC
EnerNOC (Nasdaq:ENOC) is a leading provider of energy intelligence software (EIS). Thousands of enterprises worldwide use EnerNOC applications and professional services to bring new clarity to how they buy energy, how much they consume, and when they use it to drive operational efficiency, improve productivity, and manage energy expenses. EnerNOC's suite of EIS applications for the enterprise include: SupplySMART™, energy supply and utility bill management applications; EfficiencySMART™, energy consumption and energy project management applications; and DemandSMART™, demand response and demand management applications. Hundreds of utilities and grid operators worldwide rely on EnerNOC applications to meet demand-side management objectives, enhance grid reliability, and provide cost-effective alternatives to traditional power supply resources. EnerNOC's applications for utilities include EnerNOC Demand Resource™, a capacity-based agreement that provides utilities an assured level of load reduction delivered by EnerNOC on a turnkey, fully outsourced basis, and EnerNOC Demand Manager™, software-as-a-service (SaaS) that provides utilities and retailers with the tools to manage their demand response programs. EnerNOC's Network Operations Center (NOC) offers 24x7x365 customer support. For more information, visit www.enernoc.com.
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About EnTech USB
EnTech USB is the leading provider of global utility bill management (UBM) software and solutions. Originally founded by a group of IT and energy professionals to serve the growing deregulated energy marketplaces in the UK, EnTech developed sophisticated and flexible data management tools to deal with an increasingly complex energy marketplace. EnTech is uniquely positioned to serve its clients' needs and serves clients in over 100 countries directly from offices in the UK, US, Canada, Brazil, Germany, India, Australia, and China. For more information, visit www.entech.us.
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the incorporation of the acquisition, the ability of the acquisition to deliver value to its utility and C&I customers, and the potential impact of the acquisition on EnerNOC's financial statements, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.