BayWa r.e announced it has acquired Toronto-based software house PowerHub. The new addition to the BayWa r.e. group offers a leading cloud-based asset intelligence software solution and will continue to operate largely independently. The acquisition extends BayWa r.e.’s scope of digital technology services in the field of renewable energy operations and further expands its globally successful services business.
“This is an important and strategic acquisition that recognizes the transformational opportunities digitalization represents for the rapidly evolving asset management services sector,” said Matthias Taft, member of the board responsible for the energy business, BayWa AG. “BayWa r.e. is committed to being at the forefront of this transformation, and I’m pleased to welcome the PowerHub team who bring with them world-class digital expertise and a market leading software platform. This is just the latest stage in our digitalization investment program as our services business continues its global expansion.”
PowerHub’s software is today providing asset intelligence to clients in 20 countries around the world. Backed by BayWa r.e., PowerHub will continue its growth path in global markets under its existing management, team and brand as a largely independent business.
The acquisition will accelerate innovation in the asset management software space with the objective to drive efficiency, transparency and value for asset owners and managers.
“This is an exciting time for PowerHub, and for our customers,” said Etienne Lecompte, CEO of PowerHub. “With the additional investment and resources BayWa r.e. will provide, we will be able to significantly accelerate and enhance the development of our business and software platform to offer even greater benefits and functionality to our global customer base. PowerHub and BayWa r.e. share the same vision and recognize the huge potential and customer-derived benefits from greater digitalization within the renewable services sector.”
“The asset management services sector of today is unrecognizable from that of 10 years ago. And the next 10 years will see even greater changes,” said Tobias Bittkau, global director of BayWa r.e. Services. “The whole industry is facing a challenging transformation and we will make this a success story. Digitalization is a central driver and a key part of our continued investment and expansion plans. Working with PowerHub and our own expert teams, we can accelerate our combined digital services offering and commitment to be market leaders.”
News item from BayWa r.e.