Scientific Conservation, a leading provider of energy efficiency solutions for the commercial building market, is to acquire Servidyne, an energy management and demand response company, for a price of $3.50 per share in an all-cash transaction.
The transaction is expected to close on or before Q4 2011. The combined company will be renamed SCIenergy.
SCIenergy will combine Servidyne’s extensive experience in Energy Efficiency, Demand Response and Facilities Maintenance with SCI’s core competency in cloud-based energy management. Servidyne also has deep domain knowledge in Retro Commissioning, LEED for Existing Buildings and is the nine-time recipient of EPA’s Energy Star Partner of the Year Award.
“We’re very impressed with the Servidyne team and reputation, and are excited about their customer base and long term relationships with commercial building owners and operators. The new company will have solid customer contracts and partnerships with many Fortune 50 companies, and is well positioned to be a recognized leader in next generation cloud-based energy management,” said Russ McMeekin, CEO, SCI.
“We are delighted to become part of the SCI family. The newly formed company will have tremendous capabilities in serving global customers using a scalable platform,” said Todd Jarvis, President, Servidyne.
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