Wyse Meter Solutions Inc. Acquires Odem Electric Billing Services Inc.

Jul 03, 2015, 12:59 ET from Wyse Meter Solutions Inc.

TORONTO, July 3, 2015 /CNW/ - Wyse Meter Solutions Inc. (Wyse) announced today the landmark acquisition of Odem Electric Billing Services Inc. (Odem) in a transaction that will shape the future of submetering in Canada.

Odem is an affiliate of Ruby Ventures Inc. (www.rubyventures.com), which is owned by the Rubinstein family, partners in the well-known and highly regarded H&R group of companies. The Rubinsteins are renowned for their deep real estate industry expertise, particularly in the area of property management.

Since 2009, Odem has developed its own extensive network and portfolio of submetering services in Ontario. Led by Erez Rubinstein, the company has achieved a stellar reputation for its deployment of state-of-the-art technologies and its responsive customer service.

Together, the Wyse and Odem executives will form a strategic partnership to deliver transparent and effective utility solutions that customers truly value. The combined business will operate under the Wyse brand.

The acquisition strengthens Wyse as the fastest-growing submetering company in Canada. Wyse leads the industry by providing customers with the most sophisticated submetering and utility expense management programs in North America. In 2014, the company's utility expense management platform SyNERGY secured over $2.9 million in utility bill credits for customers. In 2015, the success of Wyse's customer-focused programs earned the RMA WEBCON Biggest Disruptor Award for introducing advanced utility solutions that deliver real savings and efficiency gains.

"We are delighted to be joining forces with the talented and dynamic team at Wyse, and we are confident that our collaboration will have a major impact on the submetering industry," said Erez Rubinstein, President of Odem.

"Peter and I have had a strong and prosperous relationship with the Rubinsteins and their associated companies spanning nearly twenty years," said Ian Stewart, Co-CEO of Wyse. "We are thrilled to have finalized a transaction that will allow Wyse to continue to offer our joint customers the most advanced and efficient submetering and utility expense management services available in North America."

"Our long-standing and respectful business relationship with the Rubinstein family made this transaction a trusting experience which delivers immediate business expansion and secures future client development opportunities," said Peter Mills, Co-CEO of Wyse. "We feel very fortunate to have been given the opportunity to deepen and continue our valued partnership. We have strengthened Wyse's leadership position in the Canadian submetering industry."

About Wyse Meter Solutions Inc.

Wyse Meter Solutions Inc. provides turnkey submetering and utility expense management services to property managers, building owners and developers across Canada. Wyse is unique in its ability to provide energy consumption transparency and accountability to its customers. Through an exclusive partnership with Conservice, the largest submetering and utility management company in North America, Wyse is able to offer its customers a powerful program known as Synergy, providing owners and managers with a 360-degree comprehensive view of the entire utility spend within a building or portfolio of buildings. Synergy is already in use across 1.2 million multi-residential units in North America, including eight of the top ten owners and managers of multi-family real estate.

SOURCE Wyse Meter Solutions Inc.