Lumine Group Expands with Acquisition of Powel Metering
TORONTO, ON, Jan 1, 2019 – Lumine Group (“Lumine”) today announced that it has completed its ninth acquisition in the Communications and Media vertical with the acquisition of Powel Metering AS and Powel Energy Management AB, pending name change to Avance Metering AS and Avance Metering AB (“Avance Metering”), a spin-off from Powel AS, a leading supplier of software to the energy sector in Scandinavia, based in Trondheim, Norway.
Avance Metering’s main products are Avance Metering Collection Manager (ACM/ELIN) and Avance Metering Data Management (AMDM/MDMS) which are used by Distribution System Operators and Transmission System Operators to manage utility meters, collect and validate meter data and events, and monitor Electricity Grids.
Earlier in 2018, Powel decided to exit the Metering software business in order to focus on its offerings in other segments. Of the strategic alternatives considered, an acquisition by Lumine emerged as the most attractive option. “Lumine’s strong commitment to developing and growing acquired companies as standalone businesses by investing in people and customers, gives us the peace of mind that the value Powel has built will be cultivated further for the benefit of all. We are happy for our colleagues and look forward to following their success in the future as part of Lumine”, says Trond Straume, CEO of Powel.
Avance Metering’s solutions are deployed at 50 DSO’s in Sweden, Norway, Finland, Czech Republic and Hungary. Avance Metering partners include Capgemini, Tieto and Empower.
“We are excited to bring Avance Metering to Lumine to complement our existing portfolio companies and accelerate Lumine’s expansion into the Utility sector. Avance Metering will enable us to capture the trends related to Smart Metering roll-outs and upgrades, national and regional data hubs and implementation of a supplier-centric model for the Electricity market in the Nordics and rest of European Union” said David Nyland, President, Lumine Group.
Avance Metering will be headquartered in Östersund, Sweden, with offices in Linköping, Jönköping, Stockholm, Gothenburg, Sweden, Trondheim, Norway and Gdansk, Poland. Learn more at www.avancemetering.com
(Note: At the time of the acquisition, Lumine Group was known as Volaris Group Communications & Media. Changes have been made in this press release to replace “Volaris Group Communications & Media” with “Lumine Group”.)