WaveTech, which specializes in power management and efficiency, asset lifecycle extension, data analytics and more, said in a news release that it will purchase certain Power Analytics assets and intellectual property in exchange for common shares of stock. WaveTech will now have ownership of, and access to, more than 20 patents, it added.
“The addition of Power Analytics with its real-time Power Digital Twin Software-as-a-Service and its Power Analytics Gateway marks an acceleration in WaveTech’s ability to deliver a high-value-added platform that generates huge efficiency and cost savings, based on both real-time empirical and predictive simulation data,” WaveTech’s Michael Kotlarz said in a prepared statement. “Our combined platform will enable operational visibility and proactive insight unlike anything currently in the space.”
Full financial terms were not disclosed.
Power Analytics President Kevin Meagher will join WaveTech’s senior leadership, and all current company employees will continue in their current roles within the WaveTech group of companies.
WaveTech was advised on the deal by BV Advisory Partners, while Raleigh, North Carolina-based Power Analytics was advised by Carolina Financial.