SEW, a provider of digital customer experiences solutions for utilities, acquired 3Insys, a provider of data and security integration software solutions for electric, water, and gas utilities, for an undisclosed amount.
Through this acquisition, we will be better able to deliver and implement end-to-end digital customer and workforce experience platforms; provide comprehensive solutions to address challenges faced by utilities and their critical infrastructure; and address underlying technical issues related to and the integration of disparate and new systems that pose significant implementation challenges, SEW said in a press statement.
“We are excited to close on our acquisition of 3Insys and look forward to partnering with talented associates and a management team led by Aras Raiani to support and grow the business well into the future. We are extending our SEW family and building an ecosystem of products and solutions that enable global utility transformation,” said Deepak Garg, CEO and founder SEW.
“Aras Raiani is a seasoned executive, and we’re confident that our partnership will enable 3Insys to thrive, expand its service offerings, and build on its strong legacy,” added Deepak Garg.
3Insys, headquartered in San Francisco, provides a utility integration platform that assists electric, water, and gas utilities to securely orchestrate data flows and automate complex operational processes throughout their information technology-operational technology systems and environments.
“The energy and utility industry are preparing for a long-term transition guided by net-zero, distributed generation, integration of renewables, e-Mobility, digital transformation, automation, and grid modernization. To aid and prepare, utilities require systems, platforms, and capabilities which allow smoother and future-ready transformation,” said Aras Raiani, CEO and Founder 3Insys.
There were 20 M&A transactions in the smart grid sector in 2022, up from 19 in 2021, according to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid, & Efficiency.
NRG Energy, a power company, recently entered into a definitive agreement to acquire Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The transaction is expected to close in the first quarter of 2023. NRG will acquire 100% of the outstanding equity of Vivint for a total transaction value of $5.2 billion, which consists of approximately $2.8 billion in cash and the assumption of $2.4 billion of debt (net of cash).