PHILADELPHIA, June 27, 2011 (GLOBE NEWSWIRE) -- ICG Commerce, the leading provider of comprehensive procurement solutions, today announced the acquisition of Neuwing Energy Ventures, a provider of financially focused and environmentally responsible energy strategies. Neuwing brings deep expertise in energy and renewable energy projects to help companies actively manage their energy usage and take advantage of grants, rebates and incentives that provide hard dollar savings.
Neuwing's ability to manage the complex process of securing energy efficiency incentives and realizing credits for measurable energy reductions aligns well with ICG Commerce's core competency to drive realized savings in areas of spend that are fragmented, difficult to measure and largely undermanaged.
"Companies are making capital investments without recognizing the full benefits associated with energy efficiency," says Carl Guarino, CEO of ICG Commerce. "We can now help our clients identify energy efficiency incentives that impact the viability of large infrastructure projects and accelerate the payback period for strategic capital investments. Not only can customers achieve their financial goals, but they can also expand their sustainability efforts."
Although the acquisition is not expected to have material impact on ICG Commerce's financial results in the short term, it allows the company to impact a broader scope of spend and to further develop its sustainability capabilities. In addition to energy incentives that result in cash payments and energy efficiency certificates that improve transparency, the acquisition also adds an active energy management capability focused on reducing energy spend through ongoing monitoring and evaluation of electricity, water and gas consumption.
"We entered into this deal to accelerate the execution of our vision to help customers achieve their energy and sustainability goals profitably," says Chad Gottesman, former CEO of Neuwing Energy Ventures. "The combination of Neuwing's deep expertise coupled with ICG Commerce's existing infrastructure offers clients a comprehensive, global and scalable solution that drives measurable savings and environmental value. It takes ICG Commerce's sustainability capabilities to the next level and serves as a foundation to further expand our joint solution going forward."
ICG Commerce is committed to further deepening its capabilities in strategic areas of spend and sustainability. By adding this competency, the company has yet another way to drive savings that impact the bottom line or can be reinvested to fuel growth – two important goals for companies looking for innovative solutions in today's challenging economy.
The acquisition of Neuwing Energy Ventures was completed on June 21, 2011. The terms of the transaction will not be disclosed.
About ICG Commerce, Inc.
ICG Commerce, the leading procurement solution provider, is driving a fundamental change in the way today's businesses achieve financial agility and fund growth. ICG Commerce is the only procurement solution provider that has built a specialized infrastructure dedicated to helping companies optimize indirect spend and drive bottom line savings that strengthen their businesses. ICG Commerce is a privately held company and member of ICG's (Nasdaq:ICGE) network of partner companies.
The ICG Commerce, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6920