Marlborough clean energy firm acquires India-based communication developer
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ConnectM Technology Solutions is located at 2 Mount Royal Ave. in Marlborough.
Clean energy firm ConnectM Technology Solutions has acquired MHz Invensys, a wireless communication product developer out of India, in a move projected to generate an additional $15 million in revenue to the Marlborough-based company.
The all-stock transaction grants ConnectM all of MHz Invensys’ assets, which mainly consist of intellectual property. The acquisition is part of ConnectM’s efforts to better collect, store, analyze, and present energy usage data using MHz Invensys’s wireless communication capabilities. Particularly focusing on smart metering and Advanced Metering Infrastructure, the company looks to deliver more accurate monitoring of electricity, gas, and water consumption, according to a Jan. 27 press release.
The acquisition was effective as of Nov. 25, according to MHz Invensys’s website.
ConnectM did not immediately respond to WBJ’s inquiry of the purchase cost.
ConnectM looks to leverage its newly acquired AMI abilities to expand its service reach, extending its communication services to markets including solar grids and renewable energy. The company expects this expansion to generate $15 million in revenue over the next three years.
With the acquisition, MHz Invensys’ founders Kiran Kumar and Mahesh Oni will transition to ConnectM employees.
“We are excited to welcome Kiran and Mahesh, the founders of MHz Invensys, to the ConnectM family,” Bhaskar Panigrahi, ConnectM CEO and chairman, said in the release. “Their company’s innovative solutions and expertise in the Smart Metering domain coupled with ConnectM’s AI-powered platform will significantly enhance the offerings in our Building Electrification segment and enable us to deliver even greater value to our customers.”
ConnectM’s latest buyout follows its October purchase of Danvers-based Green Energy Gains, a home performance contractor working in partnership with the Mass Save program.
In August, ConnectM was named among the 23 fastest-growing companies in Central Massachusetts by Inc. Magazine. Reporting growth of 3,078% from 2020 to 2023, the firm ranked 104th on the magazine’s annual list of the country’s 5000 fastest-growing companies.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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