Private equity-backed tech firm makes maiden acquisition
NorthEdge-backed Correla has completed its first acquisition.
Solihull-based Correla has acquired CloudKB, a cloud-based energy data management business, for its uMesh platform.
Its acquisition of CloudKB coincides with the technology firm celebrating a year-long collaboration with private equity firm NorthEdge.
NorthEdge acquired the Solihull-based business in March 2021. Correla claims to be the only technology service provider with end-to-end visibility of the UK’s gas network, and enables access to this data through a real-time, visual and interactive analytics dashboard – enabling customers to monitor the impact of Carbon reduction programmes and drive efficient energy usage.
Sian Jones, CEO of Corella, said: “It has been a fantastic year of growth for us. NorthEdge have continued to support us to create an exciting, innovative, and forward-thinking business that enables us to deliver an exceptional experience for even more customers and continue to be a great place to work for our employees.
“As well as all the progress we have made in the core business, the acquisition of CloudKB is a hugely important step for Correla. Together, we have the teams, technology, and knowledge to drive the industry forward – accelerating the adoption of smart meters, electric vehicles and heat pumps in the UK.”
Jon Pickering, partner and head of new business at NorthEdge, said: “We have enjoyed working with the Correla team over the last twelve months, encouraging growth and innovative thinking through our experience of investing in the energy and utilities sector over the last ten years.
“This acquisition is an important milestone for the business as it begins to diversify into alternative energy markets. We look forward to seeing the business continue to grow over the coming years, both organically and through further strategic acquisitions, and are proud to be supporting the UK energy sector move towards a net zero future alongside Correla.”
