KUHN CAPITAL Monday, March 19, 2018
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Energy Tech Buying Spree


The energy IT niche saw two major M&A developments on the same day this week: Automated meter manufacturer Itron announced its agreement to acquire energy user applications vendor Silicon Energy for $71M, and financial services software vendor SunGard Data Systems announced its purchase of energy transaction management specialist Caminus Software for $159M.

The Itron/Silicon Energy deal is a currently rare example of a VC-funded IT transaction that appears to have paid off, or at least returned a meaningful amount of investor's capital. The rationale for the combination is an extension of Itron's automated power meter technologies into user data analysis.

The Sungard/Caminus deal introduces Sungard to another sort of transaction management, but one characterized by the same sort of complexitiy that it sees in financial products. Caminus has been struggling of late, losing about $13.5M in the last 12 months with its stock price having declining from $23 last May to about $2.50 pre-announcement. That makes Sungard's offer of about $9.30 per share pretty rich.

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