eSight Energy Group Ltd, a leading developer and supplier of energy management software, is pleased to announce the sale of the company to German private equity firm, BID Equity. The acquisition enhances BID Equity’s position as an IoT (Internet of Things) provider focused on the energy sector and represents an exciting new growth phase for eSight Energy.
The Cambridge-headquartered company, provides customers with unrivalled intelligence concerning their energy usage, enabling them to reduce energy consumption, costs, and carbon emissions by up to 30%. With locations in the U.S., Europe and Asia, eSight is currently being used to monitor buildings in 60 countries across a wide range of sectors including Health, Property, Education, Pharmaceutical and Manufacturing.
The software is available in 17 languages. eSight’s customer base includes major international companies including Airbus, Bombardier, Rolls-Royce, Pfizer, GSK, AstraZeneca, Roche, Carlsberg, Greene King, and Veolia.
BID Equity acquired 100% of the shares from Simon Durrant, who founded the business 20 years ago, after a competitive process run by PEM Corporate Finance which saw strong interest in eSight from around the world.
Simon Durrant said “I am very pleased to have found a buyer that shares the same enthusiasm and passion for the business and that will continue the growth of the company going forward. Integration of the eSight software and the IoT hardware within the buyers group will allow the supply of a new range of products dedicated to the energy market. I’m grateful to the Phil Olagunju and Lake Falconer of PEM Corporate Finance for their tenacity and insight throughout the sale process.”
Lake Falconer, Partner at PEM Corporate Finance added: “We are delighted to have helped Simon to achieve a strategic sale of eSight. The Company’s market leading software, strong user base and global coverage meant that we were able to attract strong interest from international buyers”.
Legal advice to the vendor was provided by Laurence Evans, Partner at Hewitsons LLP.