Powel signed an agreement to sell its Metering business unit to the Canadian technology firm Volaris Group, to be executed on December 31st, 2018.
During 2018, Powel has decided to exit the Metering software business in order to focus its efforts on offerings in other segments. The market for meter data collection and management software has changed a lot since Powel first entered it, and the segment faces great opportunities, with large investments in Sweden and increased interest internationally. Powel is pleased to have found a new owner for the Metering unit who plans to invest further in the business in order to capture these opportunities.
Proven track record for developing companies
“Volaris’ strong commitment to developing and growing acquired companies as standalone businesses by investing in people and customers, gives us the peace of mind that the value Powel has built will be cultivated further for the benefit of all. We are happy for our colleagues and look forward to following their success in the future as part of Volaris”, says Trond Straume, CEO of Powel.
Volaris Group owns a portfolio of software technology companies and brings in solid business know-how. Their business model is to acquire, strengthen and grow vertical market technology companies as independent businesses, leveraging common practices and resources across the group. The Canadian company intends to further develop the business under the name “Avance Metering”.
“We are excited to bring Avance Metering to Volaris to complement our existing portfolio companies and accelerate Volaris’ expansion into the Utility sector. Avance Metering will enable us to capture the trends related to Smart Metering roll-outs and upgrades, national and regional data hubs and implementation of a supplier-centric model for the Electricity market in the Nordics and rest of European Union” said David Nyland, Portfolio Leader and President, Communications & Media vertical.
The new company, Avance Metering, will be headquartered in Östersund, Sweden, with offices in Linköping, Jönköping, Gothenburg and Stockholm, Trondheim in Norway and Gdansk in Poland.