February 13th, 2024 – Hansen Technologies Limited (ASX: HSN), a leading global provider of software and services to the energy, water and communications industries, is pleased to announce it has completed an acquisition of 100% of the security interests of powercloud GmbH (powercloud).
About powercloud
Founded in 2012, powercloud is a leading provider of mission-critical billing and customer management software products serving tier-1 and 2 utility companies and regional municipalities across Germany. With currently over 300 employees, powercloud supports 65+ customers, including many of the largest German utility retailers.
Supporting customers along the whole customer lifecycle, powercloud services the B2C & B2B retailer and grid operator network in Germany. powercloud’s products provide a high degree of automation, configurability, stability and scalability. powercloud’s modern, flexible, and modular cloud-native billing and regulatory processes helps their customers dramatically reduce time-to-market and cost-to-serve.
Strategic Rationale
Sitting within Hansen’s core business of billing and customer management, the acquisition of powercloud brings a market-leading German application to Hansen’s existing suite of global products.
Hansen’s Managing Director, Andrew Hansen, has expressed his enthusiasm, stating, “Hansen recognises and applauds the visionary approach that powercloud has adopted. Under the leadership team’s guidance, powercloud has developed a flexible, modern and cloud-native platform that addresses the needs of energy retailers in the German marketplace.”
The acquisition significantly expands Hansen’s scale and scope in the utilities sector and the depth of its operational presence in one of Hansen’s key target markets, Germany, and the broader DACH region (Germany, Austria, Switzerland), where Hansen already has existing tier-1 and 2 customers.
Germany is the largest European economy and the fourth-largest economy in the world, and represents significant growth opportunities for Hansen and powercloud. The German government is seeking to accelerate the rollout of smart meters and has announced a proposed law that enables a large-scale smart metering rollout to start immediately before becoming mandatory from 2025, and provides a roadmap with binding deadlines to achieve an essentially full rollout by the year 2030.
Over the years, powercloud has continued to make substantial investments in advancing its technology platform. Hansen’s acquisition of powercloud has come at an ideal time, aligned with the ongoing evolution of the German energy marketplace. Under Hansen ownership, powercloud is strongly positioned to benefit from the evolution in the German market.
The combination of the two businesses is expected to lead to material shared benefits, and revenue and cost synergies. With Hansen’s wealth of experience in the sector, and its customer-focused approach to product development, the acquisition is set to deliver substantial opportunities to accelerate and optimise powercloud’s further expansion into the DACH region and beyond.
Hansen’s Managing Director, Andrew Hansen, said, “Hansen is excited by the products and skills of the powercloud team. Hansen looks forward to welcoming powercloud as a key product suite of the Hansen Group and working with the team at powercloud and their customers to continue to deliver innovative, industry-leading and flexible solutions utilising Hansen’s customer-first approach to help our customers navigate the energy transition.”
Further information on this acquisition will be provided in Hansen’s upcoming H1 2024 results announcement on Wednesday, 21st February.