ABB buys smart-grid software company
By Alexander G. Higgins |
May 6, 2010, Thursday
|
Print Edition
Print Edition
SWISS-SWEDISH engineering group ABB Ltd said yesterday it is acquiring US software firm Ventyx for more than US$1 billion in a bid to become a key player in energy management software and smart grids.
ABB said Ventyx, based in Atlanta, will become a single unit in its power systems division and provide energy management.
A joint statement said Ventyx operates in more than 40 countries, with an emphasis on the United States and Europe. It employs 900 people and reported 2009 revenues of about US$250 million.
ABB said the acquisition from San Francisco-based Vista Equity Partners would triple the market available to the company in energy management software, including forecasting loads that can help integrate solar, wind and other renewable energy.
ABB Chief Executive Joe Hogan said the acquisition would be "cash-generating" in a growth market.
The purchase, subject to regulatory approval, is expected to be completed by June, ABB said. It said it would pay for the company in cash, but did not give an exact amount.
The statement said one of Ventyx's products helps utilities and grid operators match electricity generation with consumption.
Analysts at Zuercher Kantonalbank said the purchase price of four times Ventyx's turnover as "appropriate."
ABB said Ventyx, based in Atlanta, will become a single unit in its power systems division and provide energy management.
A joint statement said Ventyx operates in more than 40 countries, with an emphasis on the United States and Europe. It employs 900 people and reported 2009 revenues of about US$250 million.
ABB said the acquisition from San Francisco-based Vista Equity Partners would triple the market available to the company in energy management software, including forecasting loads that can help integrate solar, wind and other renewable energy.
ABB Chief Executive Joe Hogan said the acquisition would be "cash-generating" in a growth market.
The purchase, subject to regulatory approval, is expected to be completed by June, ABB said. It said it would pay for the company in cash, but did not give an exact amount.
The statement said one of Ventyx's products helps utilities and grid operators match electricity generation with consumption.
Analysts at Zuercher Kantonalbank said the purchase price of four times Ventyx's turnover as "appropriate."
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