Energy procurement consultancy Inspired Energy has bought STC Energy and Carbon Holdings Limited for £9 million.

The company said it will pay £5 million in cash and a further £3 million will be paid subject to performance targets being met through to September 2017.

The rest will be issued in shares to the founders of STC, a specialist technology and software enabled energy consultancy based in Kent.

Its clients range from large multi-site retailers to county councils and housing associations.

Janet Thornton, CEO of Inspired Energy said: “We are delighted to conclude the acquisition of STC, which increases the breadth of our target customer base, enhances our sector specialism including the public sector and larger multi-site clients and expands our service offering for our corporate customers and provides geographical diversification.”

Simon Clayton, Managing Director of STC added the deal would “further improve the services” the company offers to its clients.