Buddy Platform announces letter of intent to acquire Noveda Technologies
Many of you that follow Buddy have heard of Noveda, a leader in real time, web-based energy and water monitoring software. Over the last few months we’ve slowly united our complimentary services to help Noveda scale their backend data infrastructure, while Buddy gets the opportunity to get closer to the needs of the modern smart city and building customers.
Given our history, we are excited to announce we have executed a letter of intent to purchase the assets of Noveda Technologies. The acquisition is contingent on the completion of due diligence and the mutual acceptance of the asset purchase agreement in the coming week.
You can read more of the details here and below is more information from our CEO Dave McLauchlan and Noveda CEO and President Govi Rao, overviewing the acquisition.
“Noveda offers an innovative and market accepted dashboard experience for large-scale facilities to monitor and act upon their energy consumption and solar generation capabilities. By pairing this front-end experience with Buddy’s scalable and flexible backend technology, we are able to provide customers with more of what they want – insight and at-a-glance understanding of their data”, said Buddy Platform CEO, David McLauchlan. “We expect to be able to dramatically grow the size of the Noveda smart city monitoring business while enabling far richer visualization experiences for our existing connected device data management customers.”
“This gives us the opportunity to scale the business to its full potential” , said Govi Rao, CEO and President of Noveda Technologies. “Buddy’s back end technology and business development resources will enable us to scale globally, expanding our reach further. Having worked with the Buddy team for some time now, we are excited about prospects for growth and synergy”.
We will certainly have more to say as additional milestones are reached, please check back in the coming weeks as we share more details. You can also stay updated on any of our channels for real-time updates.