POWWR and UD Group have merged to form a retail energy platform. No financial terms were disclosed. Five Elms Capital provided an investment to support the transaction.
NEWTOWN, CONN. AND MANCHESTER, ENGLAND (PRWEB) FEBRUARY 10, 2020
POWWR (U.S.) and UD Group (UK) are pleased to announce that they have merged to create the energy industry’s first global end-to-end energy marketplace.
This acquisition solidifies the position of both groups as market leaders in front-end sales, contract, and risk management solutions for retail energy brokers and suppliers.
With investment support from leading software investor Five Elms Capital and Elm Park Capital, the combined business will accelerate its product roadmap and add to its strong culture of impressing both its customers and employees.
“We are combining the best of both worlds,” said POWWR CEO, Michael Parrella. “UD Group has developed an amazing platform to help connect suppliers and brokers. They’re already working with ~85% of the largest energy retail providers in the UK and we’re fired up to provide this marketplace for brokers and Retail Electric Providers (“REPs”) in the U.S. Combining UD Group’s offering with POWWR’s pricing, risk and financial management platforms makes us the first one-stop-shop for the energy industry. Our platform will revolutionize the way energy is bought, sold and managed.”
Paul Hodnett, Founder of UD Group, added, “The combined products and unique proposition that this merger creates will ensure a truly holistic solution for both brokers and suppliers. I am thrilled about the opportunity this presents and am looking forward to discussing this exciting new partnership with both new and existing customers.”
“This partnership will allow us to continue to develop best-in-class energy SaaS solutions for all of our customers,” said UD Group’s CEO, Spencer Clarkson.
The combined POWWR and UD Group software suites cover all aspects of the energy sales process. Both companies were founded by energy retailers and brokers who wanted to make sales and risk management within the industry faster, simpler and more profitable.
For REPs, the new POWWR-UD Group merger will allow them to make more money and reduce costs in nearly every part of their business operation – from initial customer contact to settlement in the market. For energy brokers, the overall process will become smoother and more doors will be opened to additional REPs with dynamic real-time pricing and the ability to complete any deal in a single day. Both businesses are hugely enthusiastic about the new agreement and will make further announcements over the coming months.
About POWWR®: POWWR provides a client-centric energy management platform that makes it simple for Retailers, Public Power entities, and Large C&I providers in the deregulated market to better forecast for energy demand and streamline its risk management functions. In short, POWWR takes complex, error-prone tasks and makes them easier to manage across multiple users for maximum efficiency. POWWR combines industry knowledge with advanced technology and human ingenuity to bring new insights and value to an ever-changing energy marketplace. (http://www.powwr.com)
About UD Group: UD Group provides solutions for both energy suppliers and brokers through the only end-to-end connected solution for business energy sales in the UK. The company provides clients with the tools needed to gain live and cost-effective access to the B2B utilities market, so they can sell energy more efficiently. (http://www.udgroup.co.uk)
About Five Elms Capital: Five Elms Capital is a leading investor in fast-growing B2B software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. For more information, visit http://www.fiveelms.com.
About Elm Park Capital: Elm Park Capital is a Dallas-based investment firm which seeks to be an alternative debt capital provider for lower middle market companies and private equity firms requiring a creative partner for acquisitions, growth, refinancing, recapitalizations, and other special situations. Elm Park focuses on companies who cannot access capital from traditional financing sources due to size, industry challenges, or capital structure complexity. For more information, visit http://www.elmparkcap.com.