EnerNOC Buys World Energy Solutions for $76M
EnerNOC signed an agreement to acquire World Energy Solutions, an energy procurement company, for a purchase price of about $76 million in cash.
EnerNOC says World Energy will add about $30 million to its enterprise annual recurring revenue.
World Energy runs a software-based retail auction platform, selling electricity, natural gas and environmental commodities. The company has more than 100 employees and is headquartered in Worcester, Mass. Its customer base extends across the US with concentrations in key deregulated markets like Texas, Massachusetts, Pennsylvania, Ohio, New Jersey and New York.
The boards of directors of EnerNOC and World Energy have unanimously approved the transaction, which is expected to close in the first quarter of 2015, subject to customary closing conditions.
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