Align Capital Partners’ E Source Platform acquires TROVE Predictive Data Science
Align Capital Partners (ACP) has closed a third strategic add-on for its utility intelligence platform E Source, with the acquisition of TROVE Predictive Data Science (TROVE) a, provider of predictive analytics solutions for the utility industry.
TROVE’s team of data scientists and engineers have developed artificial intelligence (“AI”) software to help clients make better, data-driven decisions to improve their bottom line, reduce operational risk, and increase customer satisfaction.
Based in Buffalo, New York, TROVE helps utilities use data to optimise decision making. TROVE provides forward thinking utilities with data to forecast the impact of electric vehicle adoption, down to the transformer level. TROVE also leverages data and predictive science to forecast vegetation growth around power lines so utilities can optimise their vegetation management planning and reduce the risk of wildfires.
“The customers and end markets we serve are driven by a growing need for product and program innovation,” says Ted Schultz, CEO of TROVE. “With the combination of our talented teams, data, and domain expertise, we are uniquely positioned to meet these and future needs.”
E Source provides subscription and consulting-based services for thousands of utility employees and senior leaders across North America.
“Our acquisition of TROVE allows us to apply their sophisticated predictive data science to our proprietary utility data sets, best practice research, and consulting engagements,” says E Source CEO Wayne Greenberg. “They have had incredible success using advanced AI software to deliver big wins quickly for some of the largest utilities in the US. The opportunities for collaboration are endless and we welcome the TROVE team into E Source.”
The TROVE acquisition is a transformational moment for the Company, representing continued efforts to provide a broad offering of technology-enabled, tactical solutions to help utilities make the best data-driven decisions. ACP acquired E Source in June of 2019 and last week announced the Company’s acquisition of smart meter and smart city advisory firm, UtiliWorks Consulting. Both companies will be united under the E Source brand in the months ahead.
“The talents and capabilities of E Source, TROVE, and UtiliWorks are a powerful combination,” says Rob Langley, ACP Managing Partner and Co-Founder. “Running a utility is exceedingly complex. Technology innovation, environmental sustainability, increased customer awareness, and decentralised power generation are just a few of the challenges facing today’s utility leaders. These acquisitions create an interconnected, hard-to-replicate model enhancing E Source’s position as a thought leader fully dedicated to the utility market.”
Operating Partner Dave Perotti, Vice President Matt Iodice, and Associate Corey Roe worked alongside Langley on the transaction.