POWWR (U.S.) and UD Group (UK) are pleased to announce that they have merged to create the energy industry’s first global end-to-end energy marketplace.
This acquisition solidifies the position of both groups as market leaders in front-end sales, contract, and risk management solutions for retail energy brokers and suppliers.
With investment support from leading software investor Five Elms Capital and Elm Park Capital, the combined business will accelerate its product roadmap and add to its strong culture of impressing both its customers and employees.
“We are combining the best of both worlds,” said POWWR CEO, Michael Parrella. “UD Group has developed an amazing platform to help connect suppliers and brokers. They’re already working with 85% of the largest energy retail providers in the UK and we’re fired up to provide this marketplace for brokers and Retail Electric Providers (“REPs”) in the U.S. Combining UD Group’s offering with POWWR’s pricing, risk and financial management platforms makes us the first one-stop-shop for the energy industry. Our platform will revolutionize the way energy is bought, sold and managed.”
“Our platform will revolutionize the way energy is bought, sold and managed.” Paul Hodnett, Founder of UD Group, added, “The combined products and unique proposition that this merger creates will ensure a truly holistic solution for both brokers and suppliers. I am thrilled about the opportunity this presents and am looking forward to discussing this exciting new partnership with both new and existing customers.”
“This partnership will allow us to continue to develop best-in-class energy SaaS solutions for all of our customers,” said UD Group’s CEO, Spencer Clarkson.
The combined POWWR and UD Group software suites cover all aspects of the energy sales process. Both companies were founded by energy retailers and brokers who wanted to make sales and risk management within the industry faster, simpler and more profitable.
For REPs, the new POWWR-UD Group merger will allow them to make more money and reduce costs in nearly every part of their business operation – from initial customer contact to settlement in the market. For energy brokers, the overall process will become smoother and more doors will be opened to additional REPs with dynamic real-time pricing and the ability to complete any deal in a single day. Both businesses are hugely enthusiastic about the new agreement and will make further announcements over the coming months.