US group swoops for county software specialist
Chorley-based data management software firm Utiligroup has been bought by a US private equity firm in a deal said to be in the region of Â£100m.
Utiligroup provides software which enables independent utilities companies take on the giants such as British Gas and EDFin the energy provision sector.
Previously backed by North Edge Capital following a £16m management buyout three years ago.
Now Accel-KKR has acquired Utiligroup through its services company Energy Services Group (ESG).
Chief executive Matthew Hirst, chief financial officer Steve Gosling and chief operating officer Andrew Green led the management buyout from Bglobal.
Over the investment period, Utiligroup saw rapid growth with turnover increasing by 200 per cent. The company now employs over 220 and provides services to more than 40 UK energy suppliers.
Founded in 1997, it is a provider of Software-as-a-Service (SaaS) solutions to the utilities and energy industries and has been working on the roll out of smart meters.
Mr Hirst said: “NorthEdge has supported us through a period of rapid expansion and the team’s continued support and experience has been invaluable to the business. We have now established ourselves as a true leader in the market, helping a growing range of diverse energy and utility companies to operate more efficiently through a combination of automated software, managed services and analytics.
“The latest acquisition provides a huge opportunity to be recognised on a global stage and we’re excited about the next phase of growth with Accel-KKR and ESG.
Phil Galati, CEO of ESG, said: “We are excited to join forces with Utiligroup. Matt and the team have built a great business and we look forward to working with them to deliver innovative solutions.”
NorthEdge is also reinvesting alongside Accel-KKR to take advantage of what it sees as a growing utilitymarket.