TORONTO, ON, Jan 1, 2019 – Volaris Group (“Volaris”) today announced that it has completed its ninth acquisition in the Communications and Media vertical with the acquisition of Powel Metering AS and Powel Energy Management AB, pending name change to Avance Metering AS and Avance Metering AB (“Avance Metering”), a spin-off from Powel AS, a leading supplier of software to the energy sector in Scandinavia, based in Trondheim, Norway.
Avance Metering’s main products are Avance Metering Collection Manager (ACM/ELIN) and Avance Metering Data Management (AMDM/MDMS) which are used by Distribution System Operators and Transmission System Operators to manage utility meters, collect and validate meter data and events, and monitor Electricity Grids.
Earlier in 2018, Powel decided to exit the Metering software business in order to focus on its offerings in other segments. Of the strategic alternatives considered, an acquisition by Volaris emerged as the most attractive option. “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.
Avance Metering’s solutions are deployed at 50 DSO’s in Sweden, Norway, Finland, Czech Republic and Hungary. Avance Metering partners include Capgemini, Tieto and Empower.
“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.
Avance Metering will be headquartered in Östersund, Sweden, with offices in Linköping, Jönköping, Stockholm, Gothenburg, Sweden, Trondheim, Norway and Gdansk, Poland. Learn more at www.avancemetering.com
About Volaris Group
Volaris acquires, strengthens and grows vertical market technology companies. As an Operating Group of Constellation Software Inc., Volaris is all about strengthening businesses within the markets they compete and enabling them to grow – whether that growth comes through organic measures such as new initiatives and product development, day-to-day business, or through complementary acquisitions. Learn more at www.volarisgroup.com and http://www.volarisgroup.com/comms.
Tel: +1 905.629.5297
Elliot Yunger serves as the Communications & Media Portfolio Business Development Lead. Before joining Volaris Group, Elliot worked for Cyhawk Ventures, a Tel Aviv based Venture Capital firm in sales organization for multiple businesses. Once returning to Toronto, he joined up with the Volaris Group to help accelerate growth across multiple verticals before specializing within the Communications & Media portfolio. Elliot has helped to lead multiple acquisitions and integrations for Volaris Group and has worked in Singapore, India and Tel Aviv.