Hansen Technologies Limited (ASX: HSN) today announced that it has acquired NirvanaSoft Inc., a provider of
proprietary software for complex billing solutions to Electricity and Gas utilities in North America and headquartered in New York, USA.
NirvanaSoft, established in 1997 is recognised as having software solutions targeted at "time of use" and other complex billing requirements of an energy utilities' commercial and industrial customer base. NirvanaSoft's solutions are ideally suited to address the complexities now inherent in the smart grid and for regulated and de-regulated retailers, traders and generators in the North American market.
The acquisition of NirvanaSoft represents approximately a 50% increase in North American-sourced revenue for Hansen through a doubling of Hansen's existing North America energy billing customer base. This transaction emphasizes Hansen's commitment to an increasing presence in the North American market and also allows North American energy utilities to benefit from Hansen's additional complex billing technology and smart-grid functionality.
NirvanaSoft management and employees will join the Hansen team to deliver feature rich and quick-to-deploy solutions to North American utilities.
Hansen CEO Andrew Hansen highlighted the benefits of the acquisition:
"The US market represents a significant opportunity for Hansen. The combination of Hansen's global and North American experience in billing and customer care, our recent meter data management technology implementations and Nirvanasoft's complex billing technology and know-how, will extend our offerings and capabilities to North American energy market participants. This acquisition will allow Hansen to leverage the benefits of both organisations to the combined benefit of our collective customers, partners and staff".
Current NirvanaSoft CEO, Dr. Kumar Parameswaran, will join Hansen in a senior management role and will remain active in the operations of the NirvanaSoft business.
The acquisition of NirvanaSoft was funded through Hansen's internal resources.