Ottawa area smart meter company Triacta Power has been bought by Toronto’s Enercare Inc. for $7.5 million.
The deal, which will see Triacta’s 25 employees rolled into Enercare’s workforce, will allow the Almonte firm to continue its work on smart meters and energy saving technologies for business.
Enercare employs more than 900 people and recently took over Direct Energy’s home and commercial services in Ontario.
“This is an exciting opportunity for Triacta,” said Wes Biggs, president and chief executive officer at Triacta. “Combining our knowledge and expertise in sub-metering with Enercare’s financial backing means we will be in a position to bring more versatile, flexible, and scalable products to our client base. We are equally as committed and passionate as Enercare is about bringing technological innovations.”
Enercare said it became acquainted with Triacta after using its technology in a number of commercial installations.
The company was founded in 2003. It raised $1 million in venture capital funding from BDC to help drive sales and marketing in 2003.
