Align Capital Partners has closed a third strategic add-on for its utility intelligence platform E Source by acquiring TROVE Predictive Data Science. TROVE is a provider of predictive analytics solutions for the utility industry. The company has developed artificial intelligence software to help clients make better, data-driven decisions to improve their bottom line, reduce operational risk and increase customer satisfaction.
Buffalo-based TROVE helps utilities use data to optimize decision making. It also leverages data and predictive science to forecast vegetation growth around power lines so utilities can optimize their vegetation management planning and reduce the risk of wildfires.
“The customers and end markets we serve are driven by a growing need for product and program innovation,” TROVE CEO Ted Schultz said in a statement. “With the combination of our talented teams, data, and domain expertise, we are uniquely positioned to meet these and future needs.”
E Source provides subscription and consulting-based services for thousands of utility employees and senior leaders across North America.
“Our acquisition of TROVE allows us to apply their sophisticated predictive data science to our proprietary utility data sets, best practice research, and consulting engagements,” E Source CEO Wayne Greenberg added. “They have had incredible success using advanced AI software to deliver big wins quickly for some of the largest utilities in the U.S. The opportunities for collaboration are endless and we welcome the TROVE team into E Source.”
ACP acquired E Source in June 2019 and last week announced the company’s acquisition of UtiliWorks Consulting. Both companies will be united under the E Source brand in the months ahead.
“The talents and capabilities of E Source, TROVE, and UtiliWorks are a powerful combination,” ACP Managing Partner and Co-Founder Rob Langley said in a statement. “These acquisitions create an interconnected, hard-to-replicate model enhancing E Source’s position as a thought leader fully dedicated to the utility market.”
Operating Partner Dave Perotti, Vice President Matt Iodice and Associate Corey Roe worked alongside Langley on the transaction.