The data they deliver is collected as part of big data and analyzed to provide insights into service needs and many other areas of importance to energy providers. Smart grids are increasingly made up of intelligent communicating devices like smart meters and DERs that deliver a variety of status reports and usage information. Energy providers need to evaluate their management services and how they are utilizing them so they can get ahead of the upswing and automate their maintenance and service functions. In particular, the growth of distributed energy resources (DERs) means more devices need to be monitored and serviced.
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The complexity imposed by the increasing activity and variety of power sources is bringing with it an increase in cost for providers who need to step up their game to meet customer expectations. “We are keen to provide further support to MIC as it continues to build out its business and deliver on its strategic goals, both organically and through further acquisitions.Energy providers are facing new challenges as the smart grid gains intelligence and consumers gain access to choices in what services they use and how they understand their options. MIC is already generating strong organic growth of 50 per cent year on year and this acquisition will help the company to reach more customers and offer them more products and services. Our latest acquisition cements our position as the leading, go-to solutions provider for SMEs that want to find the best energy, broadband and insurance deals.”ĮCI partner Richard Chapman added: “We are delighted to support MIC as it builds out its platform to become the UK’s leading switching champion for SMEs.
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Paul Galligan, chief executive of MIC, said: “Switching is widely recognised as an effective way for businesses to lower their bills and find better service providers. I am proud to have been part of an exciting and successful journey with the business and delighted that we have achieved such an exceptional outcome for our clients so soon after establishing WilliamsAli Corporate Finance.” Phil Williams said: “This is a great deal for our clients and for the future of Smart. “This is a win-win business combination and we couldn’t have done it without our former colleague Phil Williams and the tremendous support from WilliamsAli Corporate Finance.” “Our field-based sales team will help MIC to reach segments of the market it currently doesn’t have access to. Peter Kirkham and Jonathan Bell said: “Joining forces with MIC means we can now serve our clients even better, offering them new products and services and helping them to save even more money. WilliamsAli Corporate Finance acted for Smart in planning and delivering the deal, with partner Phil Williams – formerly finance director of Smart – completing the highly significant deal less than six months after co-founding the region’s newest corporate finance firm. The deal marks the third acquisition in two years for fast-growing MIC, which is already recording organic year-on-year growth of 50 per cent and has seen significant progress since ECI Partners invested in the business in 2017.
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Peter Kirkham and Jonathan Bell, who co-founded Smart, will remain with the business post-acquisition to lead its ongoing development and oversee its integration into the MIC group. Smart, based in Chester-le-Street, has now been acquired by Make It Cheaper (which is soon to rebrand as ‘Bionic’), the UK’s leading SME utilities switching provider, in a deal that has been hailed as enabling both businesses to reach more customers, offer more products and services and boost their sales capabilities. Smart Utility Management (Smart) was founded in the North East in 2014, and has gone on to become one of the most dynamic new players in the sector, providing energy utility management and switching services to SMEs across the UK, helping them to procure energy more cheaply. Smart Utility Management WilliamsAli Corporate Finance advised the shareholders of one of the UK’s fastest-growing business energy consultancies on its acquisition by a market-leading counterpart, in a deal which represents a significant private-equity backed transaction in the region.