Oslo, Norway — (METERING.COM) — March 3, 2011 – Herkules Private Equity Fund III and Elis Holding AS have entered into an agreement to acquire the Finland-based utility software supplier Process Vision Oy.
Together with existing Herkules investments Elis AS and Popkorn AS, Process Vision Oy will be part of a larger group of competence offering software and IT solutions to utility companies. The aim is for the combined company to become the leading energy software provider in the Nordics.
Process Vision Oy provides energy data management, meter data management, ERP systems and related software to energy utilities, transmission system operators and power exchanges globally. The company was founded in 1993 and employs around 150 IT and energy professionals.
“We are confident that the combined entity will be the preferred choice for energy companies in the Nordics, and that our systems and solutions have a promising and proven international potential,” said Simo Makkonen, CEO of Process Vision. “This acquisition also well supports Process Vision’s growth strategy by opening doors to new markets and customers.”
The market for software to the energy sector is expected to experience strong growth in the coming years. In Norway, the advanced metering infrastructure (AMI) implementation planned within 2016 will lead to increased demand for MDM and customer information system (CIS) solutions. In Sweden, the change to hourly metering will create strong demand for compatible software, and next generation smart metering in Finland will also require substantial upgrades by the utility companies.
“We are very pleased with the acquisitions of Process Vision, Elis and Popkorn, and believe we have combined three innovative and preferred suppliers that together will become a major player within the market for software to the energy sector,” added Herkules Capital partner, Rikke T. Reinemo.