World Energy Solutions, an energy management services firm, has purchased the energy procurement business of Co-eXprise, a privately-held enterprise software firm. The acquisition adds valuable new government, institutional, and commercial & industrial clients to its customer base. Terms of the deal were not disclosed.
“Our acquisition of Co-eXprise’s book of business in energy increases our market share, expands our government franchise, and adds to our backlog,” said Richard Domaleski, CEO of World Energy Solutions. “Bigger picture, this deal highlights our ability to put the capital we raised earlier this year to smart use in advancing our strategic growth objectives. We have long said that consolidating the energy procurement industry, eliminating competitors and supplementing our strong organic growth is a path we will actively pursue to drive future success, and today we are making good on that promise.”
Added William Blair, Founder and CEO of Co-eXprise: “This transaction is a key component of Co-eXprise’s strategy to generate working capital to invest in the continued growth of our enterprise software business. We chose to sell the energy procurement business to World Energy, a true leader in the space, to ensure our customers will continue to receive a high level of professional support for their energy management initiatives. This transaction represents a win for all parties.”
The deal is World Energy’s second in energy management. In 2007 World Energy acquired natural gas procurement business Energy Gateway.
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