Russell Kennedy has advised the founders of Australian tech firm Energetiq on its sale to global energy tech giant Kraken Technologies.
The Russell Kennedy team was led by Principal Rory Maguire from the firm’s Corporate Advisory / M&A team, with assistance from Amity Jarvis, Senior Associate (Corporate Advisory / M&A), Jack Short, Lawyer (Corporate Advisory / M&A), Gina Tresidder, Prinicpal (IP / IT) and Kelly Ralph, Special Counsel (Employment)
Russell Kennedy Principal and transaction lead, Rory Maguire, commented on the success, saying: “We were very pleased to assist the founders of Energetiq on this milestone transaction. The global expansion of the business’s products and capabilities as part of the Kraken group will be an exciting development in the industry.”
Adam Kierce, Managing Director and Founder of Energetiq, said: “We are super thrilled to join the Kraken family and see our industry leading assurance capabilities and network billing expertise taken to the world. Whilst Kraken’s size, capabilities and success was an important component, it was the strong cultural and technical match that made this an easy decision to make. I and the entire Energetiq team are looking forward to making a positive contribution in the months and years ahead.”
James Eddison, Chief Technology Officer of Octopus Energy Group, said:“Energetiq's products, capability and experience will be invaluable as we continue to build the leading operating system for utilities. We’re incredibly excited to be working with Adam and his team.”
To read more about the deal, click here.
Transaction details
Kraken, the world's fastest growing energy platform and powerhouse behind the UK’s largest electricity supplier Octopus Energy, has acquired Energetiq, a leading Australian software developer renowned for its pioneering energy billing reconciliation software.
The move will see Energetiq’s industry-leading reconciliations and revenue assurance capabilities added to Kraken, providing even greater efficiency and lowering costs for both businesses and their customers.
Energetiq, founded in 1998, has become the dominant player in the Australian market for network billing reconciliation. Their flagship product, Network Billing Validation (NBV), is widely adopted by Australian retailers for its market-leading network settlement reconciliation capabilities.
The acquisition will enable the development of Kraken’s network billing capabilities by leveraging Energetiq’s deep industry experience. It will also expand Energetiq’s reach to Kraken’s business customers around the globe.
Further assistance:
Russell Kennedy delivers expert legal solutions and provides market-leading expertise in our sectors of focus. We are committed to making a difference for our clients, providing opportunities for our people and creating positive and lasting change within our community.
Russell Kennedy is a national firm with offices in Melbourne and Sydney, proudly in operation for more than 120 years. We presently have over 290 staff across our offices.
For more information regarding our expert Mergers & Acquisitions team, click here or contact Rory Maguire.
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Australiasian Lawyer covered the deal here.