Carleton Place’s Triacta Power Technologies announced Thursday it has been acquired by Toronto-based Enercare Connections, a wholly owned subsidiary of Enercare, in a deal worth $7.5 million.
“Enercare knows us, values us for our product, values us for our product road map and our market initiatives and it shows their endorsement by basically bringing us into the fold,” Triacta president and CEO Wes Biggs said.
Founded in 2003, Triacta provides submetering solutions, allowing building owners to measure utility usage for different units of a building or for different equipment within a building. Showing customers exactly where and how energy is being used generally results in less consumption, Mr. Biggs said.
Triacta provides hardware and software for the companies that actually install the meters. Enercare is Triacta’s largest and longest-standing customer, said Mr. Biggs.
Triacta already has 40 per cent of the Ontario submetering market. The acquisition will give the company the financial backing it needs as it expands in Canada and looks to export its solutions south of the border as well, he said.
Being established in Canada is an advantage, Mr. Biggs said, because this country already regulates submetering production and installation. The industry is currently not as regulated in the United States, he said, but that is beginning to change.
“We basically have a very high standard in accuracy and quality to go into these new areas where they are saying, ‘Hey, we’re going to need high-quality, standard-approved meters,’” Mr. Biggs said, adding that the two “hot spots” are in California, which is already regulated, and New York, which is now becoming more regulated.
The deal will have little effect on the firm’s 25 employees, the company said. Triacta’s headquarters will remain in Carleton Place, and the company will maintain its brand.
Mr. Biggs said he expects Triacta to continue to grow, bringing more jobs to the area.
“Ottawa is a great area for engineering expertise, and we will continue to draw from that as the company grows,” he said.