A firm providing software solutions to utilities has bought an energy data analysis services business for £23 million.
Gentrack has entered into an unconditional agreement to acquire 100% of the shares of Evolve in a move to expand its utility solutions.
Evolve specialises in the identification and correction of settlement and billing errors as well as the accuracy of standing data.
Its customers include three of the Big Six energy suppliers and a number of independent challenger utilities and the company captures data for more than 17 million meter points in total.
Gentrack says the purchase strengthens its position in the UK for utility billing and customer information systems by providing highly complementary software services, intellectual property and customer relationships.
John Clifford, Chairman of Gentrack, said: “We are delighted that Evolve is joining the Gentrack Group.
“The combined UK business is well positioned to provide highly innovative, value enhancing solutions to UK energy and water utilities and provides a strong base for expansion into new markets.”