FLORHAM PARK, NJ, April 11, 2003 – Comverge Inc. announced that it has completed the acquisition of Sixth Dimension’s (6D) iNETà¢â€ž- software platform, for an undisclosed amount of Comverge stock.
Comverge is an energy intelligence company, which recently announced a major funding by a broad investor group including: Data Systems & Software, Inc., Easton Hunt Capital Partners, L.P., E.ON Venture Partners GmbH, an affiliate of E.ON AG, EnerTech Capital, Nth Power, and Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of Companies.
An Internet-based software platform, 6D iNETà¢â€ž- enables a broad range of energy services, including upstream facility metering, monitoring, and control; performance-based operations and proactive maintenance; economic demand response and active load curtailment; aggregated distributed generation; power reliability and quality monitoring; and other real-time capital equipment analysis using a low-cost, robust, software for service delivery.
“The acquisition of 6D moves Comverge further up the value chain in the End-to-End Energy Intelligence(tm) marketplace,” stated Frank Magnotti, President, Global Sales and Marketing. “We now add technology for upstream monitoring & control of capital assets to our portfolio. For example, we now offer comprehensive monitoring and control of power generation and substation assets. Furthermore, by combining 6D’s real-time, internet-based iNETTM software with the analytical and metering capabilities of Comverge’s PowerCAMPTM software applications, we leverage our powerful synergies and improve profitability.”
This represents a significant gain for Comverge as it continues to expand and enhance its product lines and services designed for delivering services to large C&I customers. The acquisition also creates a stronger West Coast footprint for Comverge, as it plans to combine 6D’s and Comverge’s offices in the San Francisco area.
Arthur (Bud) Vos, co-founder and VP of Technology for 6D, stated, “We are truly excited to be part of the Comverge team. After an initial development phase, our iNETTM software platform is gaining traction. Joining with Comverge will grow iNET’s applications and accelerate its market acceptance in many vital C&I markets, where significant revenue generation exists.”
Robert M. Chiste, Chief Executive Officer of Comverge, added “The acquisition of 6D is another strategic step in our plan to be the premier provider of End-to-End Energy Intelligence(tm). We are pleased to enhance our company with such talented people and innovative Internet-based software. We have positioned our entire offering to provide energy intelligence and control through distributed resources.”
About Comverge, Inc.
Comverge, Inc., The Power in Power Technology(tm) has more than 500 energy supplier clients worldwide. Comverge has offices, research facilities, representatives and agents located in Florham Park, New Jersey, Atlanta, Georgia, Pensacola, Florida, Fremont, California, and Tel Aviv, Israel. The Company’s PowerCAMP(tm) Group and new 6D Group provide End-to-End Energy Intelligence(tm) software solutions. Comverge’s Technologies Group provides integrated, full-spectrum solutions for direct or voluntary load control programs, remote meter reading, price-responsive programs, time-of-use billing, distributed generation monitoring, theft/outage detection and more. Comverge’s Enterprise Group provides pioneering business solutions including owned and operated systems, Virtual Peaking Capacity(tm) negawatt contracts, and joint ventures. For more information visit www.comverge.com.
About Sixth Dimension, Inc.
Founded in 2001, Sixth Dimension is an Internet and software technology company. Sixth Dimension (6D) has developed the enabling technology for customer driven business initiatives that require efficient management of mission critical devices (such as meters, sensors, generators, etc.) and economical integration with various enterprise applications. Marketed as the iNETTM platform, this open technology reliably enables intelligent, real-time management of remote assets – providing increased revenue generation and/or operating expense reduction to the power technology marketplace. For additional information regarding iNETTM products and services visit: www.6d.com.