ZURICH, Switzerland, August 17, 2000 - ABB, the global technology company, today announced it has acquired Energy Interactive Inc., a leading provider of information software and services to the U.S. energy market. The terms of the deal were not disclosed.
Energy Interactive Inc., with 23 employees and headquartered in Oakland, California, delivers eBusiness and software products and services for utilities, power marketers, energy service providers and major energy consumers. The company's products include energy billing systems, Web-based residential energy auditing, and software to analyze energy loads, consumption patterns and pricing. The new business will be called ABB Energy Interactive.
ABB said the acquisition takes the company into the dynamic U.S. retail power market, where continuing deregulation is expected to fuel long-term growth. Energy Interactive's expertise is also a logical extension of ABB's current software and eBusiness product offering for power distribution and transmission customers, and builds on the company's considerable experience in the deregulating power markets of North and South America and Europe.
"This is a strategic opportunity and a good fit to ABB," said ABB President and CEO Göran Lindahl. "ABB is gaining an early foothold in the retail market. We're bringing on a dynamic team of people to deliver top software and service solutions and expanding their customer base. As deregulation grows in other parts of the world, we'll have the solutions and experience needed to meet the new demands."
The ABB Group (www.abb.com) serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast-expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 160,000 people in more than 100 countries.
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