SANTA CLARA, Calif., Feb. 3, 2015 /PRNewswire/ -- As the demand for quality renewable energy sales and financing platforms continues to grow, enACT Systems has entered into a definitive agreement to acquire Energy Finance Strategies (EFS) for an undisclosed sum. The acquisition strengthens enACT's end-to-end sales and financing software platform for solar and energy efficiency projects by integrating the renewable energy development and financing expertise of EFS. The acquisition is set to deliver installers and developers, access to new software platform capabilities through EFS's proven expertise in the Property Assessed Clean Energy (PACE) marketplace. Current partners and clients of EFS will benefit from a streamlined delivery of current EFS services, while enabling access to a broader range of enACT's high-value SaaS solutions.
"enACT's powerful suite of software capabilities is transforming how distributed energy companies do business. Especially for solar, it helps lower transaction costs and provide users a simple way to scale their sales volumes, increasing revenues," said Thomas King, Founder & Managing Partner of EFS. Ryan Hamilton, also Founder and Managing Partner at EFS added, "Teaming up with enACT, allows us all to provide more value for a larger client base, more quickly. We are pleased to combine our strengths to meet the growing demands of the renewable energy marketplace."
The acquisition of Energy Finance Strategies is immediately impactful to current enACT users and the future direction of enACT Systems. The merger will expand the enACT management team as well as the company's competitive edge. Thomas King is taking on the role of Chief Financial Officer at enACT Systems. Before Founding EFS, Mr. King was a Co-Founder and Managing Director of US Renewables Group, the leading pure-play, renewable energy focused private-equity firm globally, with over $750 million of assets under management. Ryan Hamilton has taken the role of Chief Commercial Officer, and Executive Vice President for Sales and Business Development. Before EFS, Hamilton held management positions at NRG, and Solar Power Partners. King and Hamilton join the existing enACT management team of Co-Founder and CEO Deep Chakraborty, Co-Founder and COO Manasij Kar, and Matt Cheney, Executive Chairman of enACT's Board of Directors and an executive member of its leadership team.
"Tom and Ryan have done a very impressive job of enabling funding for distributed energy more accessible through leveraging the PACE financing model," said Deep Chakraborty, CEO of enACT Systems. "As we expand our SaaS platform across multiple technology, financing and market segments, their proven expertise will assist us in scaling a truly end-to-end solution to both small firms and large enterprise clients."
enACT's end-to-end business process automation solutions for distributed energy developers, installers, and investors, specifically in solar and energy efficiency, focuses on lowering customer acquisition, operational and financing costs. The rapidly growing distributed energy marketplace, now representing over $20B in annual revenue in 2014, is impaired by growing soft costs often as high as 30% of sales for mid-size companies – due to inefficient age-old transaction processes, a disconnected eco-system and the general lack of software solutions. enACT's platform is driving rapid change in this space leveraging software in a unique manner to cut costs and drive revenue growth.
ABOUT ENACT SYSTEMS INC.
enACT's SaaS platform provides end-to-end business process automation solutions for distributed energy developers, installers, and investors. enACT's functional SaaS marketplace is focused on lowering customer acquisition, operational and financing costs, while enabling incremental revenue growth for all stakeholders. enACT Systems is headquartered in Santa Clara, CA, with an office in Bangalore, India.
ABOUT ENERGY FINANCE STRATEGIES INC.
EFS's patent-pending process platforms allow distributed energy developers & contractors to maximize PACE by leveraging a cross-disciplinary approach that properly aligns and integrates marketing, sales, operations, government relations, information technology and finance capabilities.
SOURCE enACT Systems