World Energy Acquires Energy Procurement Business
Worcester-based World Energy Solutions has purchased the energy procurement business of Co-eXprise Inc., a privately held enterprise software firm based in Wexford, Pa., for $4 million, the companies announced.
World Energy, which helps businesses manage their energy needs, says the acquisition will bring new clients to its customer base.
The deal "increases our market share, expands our government franchise, and adds to our backlog," said Richard Domaleski, CEO of World Energy. "This deal highlights our ability to put the capital we raised earlier this year to smart use in advancing our strategic growth objectives. We have long said that consolidating the energy procurement industry, eliminating competitors and supplementing our strong organic growth is a path we will actively pursue to drive future success, and today we are making good on that promise." In April, World Energy announced the sale of $5.5 million in stock to pay for acquisitions and other strategic initiatives.
The deal marks World Energy's second in energy management. In 2007, the company bought Energy Gateway, boosting its presence in natural gas procurement and adding a blue-chip base of industrial clients.
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