ConnectM buys acquires Arkansas HVAC customer tech firm

Marlborough-based AI energy platform ConnectM Technology Solutions has purchased Blue Ribbon Ice, an Arkansas-based software firm connecting commercial customers with HVAC, refrigeration, and facility maintenance contractors.

The acquisition broadened the customer base ConnectM can serve with its AI-powered logistics platform, the company announced Tuesday.

This platform includes its DeliveryCircle software coordinating last-mile parcel and freight deliveries for a similar customer base to Blue Ribbon, according to ConnectM. Data collected from Blue Ribbon’s operations will be added to ConnectM’s AI engine. 

Financial terms of the acquisition were not disclosed. 

Blue Ribbon Ice was founded in 2022 and connects restaurants, retailers, grocery stores, hotels, and other multi-site businesses with more than 200 independent contractors in 42 states. Massachusetts is not among these states, according to Blue Ribbon’s website.

The purchase comes amid a broader reset at ConnectM, which has seen the firm sell some of its businesses while acquiring others. The company narrowed its losses in the first quarter, after it was delisted from the Nasdaq in May and began trading on the OTCQB Venture Market in October.

ConnectM’s share price sat at $5.38 as of Wednesday afternoon, down about 9.4% from its price at the time of the acquisition announcement. 

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.