Nexant Announces Acquisition of Excelergy
This news item was posted on Jan 07, 2009
Move Consolidates Company's Position in Retail Energy Markets
San Francisco---January 7, 2009---Nexant (www.nexant.com), the global energy software and consulting firm, announced today that it has acquired Excelergy North America LLC and Excelergy BV, the international energy software developer that provides enterprise software applications that streamline utility electronic complex billing, settlement, and customer care processes. This strategic deal consolidates all of Excelergy's highly sophisticated software applications into Nexant, strengthening the company's market position in the retail energy business in North America and Europe.
Excelergy is based in Lexington, Massachusetts-near Boston-and also maintains a European office in Waardenburg, the Netherlands, approximately 45 miles south of Amsterdam. The company is known for its flagship enterprise software products, including RevenueManager™ and HedgeDirect™. As part of the transaction, Nexant is gaining 45 new employees and major clients in seven countries. Key Excelergy personnel joining Nexant include Stu Young, Kevin Swenke, Rudolf Das, and Tanya Shepherd. Excelergy's operations will be integrated with Nexant's Software & Information Systems business unit based in Chandler, AZ.
"Excelergy has developed mission-critical software applications for the global energy and utility industry," said Basem Sarandah, Nexant president and CEO. "Excelergy's applications automate forecasting, trading, scheduling, billing, settlement, and customer acquisition and care for generators, traders, utilities, distribution companies, retailers, transaction hubs, application service providers, and market operators throughout the world. Accordingly, we see this acquisition as an important component of Nexant's strategy of becoming a leading provider of advanced technology solutions and software for global energy markets."
"We are very excited about joining forces with Nexant at this critical time for the industry," said Stu Young, former Excelergy CEO. "At this point, energy marketers in North America, Europe, the Middle East, and Africa have the same challenges-managing complex back office processes and revenue cycles in rapidly changing and expanding markets." Young believes this is an opportune time to expand Nexant's reach in global markets in order to help customers take advantage of these dynamic market opportunities. "Customers know that the key to success is focusing their resources on optimizing market share and profitability. Our platform enables them to automate these processes-from customer acquisition and care, to revenue cycle management to wholesale energy transaction management and settlement-and to see returns on their investment almost immediately."
Nexant acquired Excelergy from Netherlands-based Brinvest, who retained Market Advisory Services of Spring Lake, NJ as advisor in completing this transaction.