Powel ASA, a leading provider of decision-support and control systems for the power industry, has agreed to purchase all shares of Tuben Teknik AB, a telecommunications technology company headquartered in Østersund, Sweden. The acquisition immediately strengthens Powel’s position in the Nordic region and the global power market.
“The acquisition of Tuben Teknik gives Powel an infusion of new expertise, as well as powerful new solutions that complement our current portfolio,” said Jon Einar Værnes, President and CEO of Powel ASA. “Essentially, the acquisition of Tuben Teknik makes us a complete supplier of IT solutions for remote meter reading and meter data management for utilities and power companies.”
“Right now, Sweden is experiencing tremendous innovation fueled by requirements that all meters offer remote reading capabilities by 2009. Tuben Teknik is leading this innovation, and their solutions have important applications across several major markets. We are very excited about the acquisition, and we are confident Tuben Teknik will bring value to our customers.”
Established in 1994, Tuben Teknik delivers a unique technology platform that supports metered data collection from telecom customers. One of its primary offerings enables remote meter reading, which helps telecom providers reduce costs and simplify operations. Other Tuben Teknik products manage outage information in transmission and distribution systems, allowing utilities to improve service quality and reliability. Recently, the company won an extremely competitive bid to supply an open meter data collection system in Sweden. The contract represents nearly 20% of the entire Swedish market.
“Our companies complement each other very well, and we look forward to becoming part of a stronger Powel organization,” says Tomas Sundin, CEO of Tuben Teknik. “Our solutions will have much greater visibility in a competitive marketplace. Plus, we expect Powel’s expertise in the energy sector will generate immediate growth opportunities.”
For more information, contact:
President & CEO Jon Einar Værnes, Powel ASA
Phone: +47 73 80 45 00
Mobil: +47 481 64 555
About Powel
Powel ASA is an IT company developing and delivering business critical decision support systems to the power industry. Powel also delivers control and surveillance systems for the power sector and public infrastructure (water and sewage) for safe and reliable power and water. In the Nordic region, Powel clients include leading power companies like Vattenfall AB, Energi E2, Norsk Hydro and Statkraft. Powel is headquartered in Trondheim and has offices in the United States, Canada, Sweden, and Norway. Powel’s total client list includes 1,000 public and private customers in Europe and the U.S. Revenue in 2004 was 147 MNOK with an EBITDA of MNOK 3,5.