Dive Brief:
- Energy management platform Arcadia announced Friday it had acquired Engie Impact, the data management, energy procurement and sustainability advising businesses of French multinational utility company Engie.
- The transaction will combine Arcadia’s decade of experience as an artificial intelligence-powered energy data platform with Engie Impact’s 30 years of experience and a global scale. J.P. Morgan Securities served as an adviser on the transaction, according to the May 1 release. Terms of the deal were not disclosed.
- The combined company will operate on a scale similar to a “top five U.S. utility,” Arcadia CEO Kiran Bhatraju said in a LinkedIn post. The platform will have over 1,500 enterprise customers, including around 25% of the Fortune 500, according to the release.
Dive Insight:
The acquisition raises the scale of Arcadia’s operations. The Washington, D.C.-based company was founded in 2014 and previously touted Fortune 2000 customers. The combined company will manage nearly $100 billion in utility spend, according to a webpage on the deal.
Through the transaction — which officially closed April 29 — Arcadia customers will gain access to Engie Impact’s bill management, energy procurement and sustainability advisory services, according to a page on the acquisition. Engie Impact customers will have uninterrupted service and eventually have access to Arcadia’s AI-powered utility data platform and automation tools.
“ENGIE Impact has spent 30 years setting the gold standard for enterprise utility bill management, energy procurement and sustainability advising, earning the trust of some of the world's largest companies. At Arcadia, we’ve spent the last decade building the data and AI infrastructure new energy companies needed,” Bhatraju said on LinkedIn. “Separately, we've solved parts of the problem. Together, we're solving all of it.”
The combined company, which will retain Arcadia’s name and branding, will manage 4.5 million energy utility meters for enterprises and process over $30 billion annually in utility payments.
Engie Impact CEO Paige Janson said the deal is “an exciting evolution” for the company and its clients, according to the release. The deal will make energy management easier for its clients and will give the combined company “broader community with ambition and energy to move faster than ever in this dynamic space,” she said in a Friday LinkedIn post.
"By combining Arcadia's technology with our proven infrastructure and subject-matter expertise, we can deliver a level of transparency and efficiency that was previously out of reach in energy management," Janson said in the release.
