Enercare buys smart meter firm Triacta for $7.5m
July 28, 2015
Canadian company Enercare has acquired smart-meter maker Triacta Power Technologies for $7.5m, subject to certain working capital and other adjustments, and payment in full by Triacta of its existing indebtedness.
"We are very pleased to announce the close of our acquisition of Triacta," said Ross Garland, senior vice president and general manager for sub-metering at Enercare. "This acquisition supports our strategic objectives, which includes shaping the future of the sub-metering industry and increasing our presence in markets outside of Canada. Most importantly though, it underscores our lasting investment in the future of sub-metering that will result in operational savings and impactful new products and services that bring value to our clients."
Triacta, headquartered outside Ottawa, Canada, designs and makes advanced, utility-grade energy management meters for multi-unit residential, commercial and institutional applications. Its primary markets are the USA and Canada. With a large installed base of Triacta meters, Enercare has and will continue to use Triacta's products extensively.
Triacta will continue to offer the same range of hardware, complete with software that combines meter management, automated data collection, analysis tools and flexible billing capabilities.
"This is an exciting opportunity for Triacta," said Wes Biggs, president and chief executive officer of Triacta. "Combining our knowledge and expertise in sub-metering with Enercare's financial backing means we will be in a position to bring more versatile, flexible, and scalable products to our client base. We are equally as committed and passionate as Enercare is about bringing technological innovations in sub-metering to market."
Enercare paid the purchase price using cash on hand. Completion of the acquisition required receipt of approval of the plan of arrangement by two-thirds of Triacta's shareholders and approval of the Ontario Superior Court of Justice.
Enercare is one of Canada's largest home and commercial services companies with more than 900 employees. It provides water heaters, furnaces, air conditioners and other HVAC rental products, protection plans and related services to approximately 1.1 million customers. It also owns Enercare Connections, a sub-meter provider, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.