Data provider Verisk Analytics Inc. is continuing to grow beyond its insurance industry roots with the announcement it will acquire Greentech Media Inc., an information services provider for the solar electricity and clean energy sector.
Greentech Media will become part of Wood Mackenzie, a Verisk Analytics business focused on the energy sector. Verisk acquired this British analytics consultancy in 2015 from buyout firm Hellman & Friedman.
The deal will enable Wood Mackenzie to provide its clients with market intelligence across several categories, including solar generation, energy storage, and smart grids that react dynamically to changes in supply and demand, according to the announcement.
“The energy industry is going through a transformation, and our clients expect coverage in the solar, storage, and smart grid spaces as part of a more integrated energy service,” said Neal Anderson, president of Wood Mackenzie.
The transaction is expected to close in the third quarter of 2016, subject to the completion of customary closing conditions. No details were disclosed.
Verisk offers risk assessment services and analytics for property/casualty insurance through its companies that include ISO, AIR Worldwide, Insurance Information Exchange, Xactware and National Equipment Register. Its companies also cover weather and climate risk (Atmospheric and Environmental Research); environmental and health safety(3E Company, and employment screening (Intellicorp). The Jersey City, New Jersey-based firm was added to the S&P 500 Index last year.
Greentech Media, which was founded in 2007, provides business-to-business news, market analysis, and conferences to companies in the global clean energy market. Its coverage area extends across the clean energy industry with a focus on solar power and the electric utility market’s evolution. It has a team of analysts that are part of a market intelligence arm, GTM Research, as well as journalists and expert contributors.
Scott Clavenna, a co-founder and chief executive officer of Greentech Media, said that solar, storage and smart grid are having such an impact on energy markets today that clients in the sector need a more competitive and complete service, which the merger will help create.
On its website, Greentech Media said that as part of Wood Mackenzie, it will have “access to global markets and the ability to draw on a whole new set of resources.”
Prior to founding Greentech Media, Clavenna was chief analyst at Heavy Reading, the market research arm of Light Reading, an online media company for the telecommunications market. CMP bought Light Reading in 2005.
Rick Thompson, the other co-founder of Greentech Media, spent 15 years at technology startups, telecommunications companies and technology research firms. He was senior telecom analyst at Light Reading/Heavy Reading before launching Greentech.
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