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World Energy Solutions Acquires Energy Procurement Business of Co-eXprise
September 14, 2011
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World Energy Solutions, Inc. announced this morning that it has purchased the energy procurement business of Co-eXprise, Inc., for $4 million in an all cash transaction.
World Energy said that the acquisition adds valuable new government, institutional, and commercial & industrial clients to World Energy's "large and growing customer base."
World Energy expects the transaction to be immediately accretive.
"Our acquisition of Co-eXprise's book of business in energy increases our market share, expands our government franchise, and adds to our backlog," said Richard Domaleski, CEO of World Energy Solutions.
"Bigger picture, 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," Domaleski added.
William Blair, Founder and CEO of Co-eXprise, said Co-eXprise elected to sell its energy procurement business as part of Co-eXprise's strategy to generate working capital to invest in the continued growth of its enterprise software business.
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