BuildingIQ Acquires Energy Information Management Services from NorthWrite Inc.
Company creates new Energy Information Management Services platform
with addition of Energy and Facility WorkSite applications
BuildingIQ,
a leading energy management software company, today announced that it
has acquired the Energy WorkSite and Facility WorkSite software
applications from NorthWrite Inc. The two cloud-based applications,
coupled with BuildingIQ’s packaged monitoring-based commissioning (MBCx)
services, create a new, full-suite Energy Information Management
Services (EIMS) platform. With the acquisition, BuildingIQ is able to
create additional free cash flow and further meet the needs of those
individuals responsible for managing daily operations of a single
facility or a portfolio of buildings.
The Energy WorkSite application is a sixth-generation monitoring and
data analytics software toolkit that allows commercial and industrial
facilities to accurately track and benchmark energy use. It serves as a
critical tool that enables facility owners, operators and energy service
companies to verify savings from energy efficiency measures, while also
helping utilities to better manage generating capacity. The Facility
WorkSite application is a low cost management platform for facilities
that provides work order management, preventative maintenance and asset
performance reporting services. NorthWrite’s co-founder, Terrence
McManus, and a staff of seven, will join BuildingIQ to manage the EIMS
platform.
Through this agreement BuildingIQ adds an additional presence based in
Minneapolis, Minnesota extending its reach in North America. Currently,
the Energy and Facility Worksite applications have a total of more than
two hundred customers with an average contract tenure of nearly seven
years and over four thousand end users. This includes significant energy
utilities under re-seller agreements. In addition, the EIMS platform
processes more than twenty thousand transactions per month.
“The acquisition of the Energy WorkSite and Facility WorkSite
applications complements the existing product offerings of BuildingIQ,”
said Michael Nark, president & CEO. “The addition of these new
capabilities further emphasizes our goal to provide the best
measurement, monitoring, and analytics capabilities available, a goal
which was supported earlier this year with the successful release of our
Managed Services offering. We are thrilled to add a well-established
business, with a great team, and loyal customer base.”
“The Energy WorkSite and Facility WorkSite team is excited to join
BuildingIQ,” said Terrence McManus “We can already see a strong cultural
fit and synergy, and the enormous potential that comes with combining
the technologies onto a single cloud-based platform for all our
customers.”
Following this transaction, BuildingIQ will continue to explore and
investigate inorganic opportunities that are consistent with the
strategy of the business.
For more information, visit www.buildingiq.com.
About BuildingIQ
BuildingIQ is a leading provider of advanced energy management software
that actively predicts and manages heating, ventilation and air
conditioning (HVAC) loads in commercial buildings. As the only supplier
of patented Predictive Energy Optimization technology, BuildingIQ’s
cloud-based solution is powering energy and operational savings in
buildings with reductions in HVAC energy costs as high as 25 percent.
BuildingIQ delivers measureable results and has received backing from
tier one industry leaders, including the Venture Capital unit of Siemens
Financial Services, Paladin Capital and Exto Partners. Recognized as a
leader in its industry, BuildingIQ has received a number of awards most
recently the National
iAward for Sustainability in Australia. BuildingIQ is trading on the
Australian Securities Exchange under the ASX code BIQ.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160414005923/en/
Copyright Business Wire 2016
Source: Business Wire
(April 14, 2016 - 9:13 AM EDT)
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