ENSEK expands into Europe with acquisition of NrgFin
Nottingham, UK – 5th August 2020: ENSEK, the leading software supplier to UK energy providers, today announced the acquisition of NrgFin, a Benelux-based consultancy and data analytics company. The deal is part of ENSEK’s growth strategy to expand into new international territories within Western Europe, as well as pursuing wider growth opportunities in the UK. With this acquisition, ENSEK will set foot on the European continent for the first time.
ENSEK uses its market-leading software-as-a-service (SaaS) platform to provide energy suppliers with a range of solutions which include CRM, billing, industry data flows, revenue assurance and financial management. As a business consultant and organisation specialising in data analytics for energy suppliers, NrgFin was the right choice in enhancing ENSEK’s product portfolio. Now, combined with ENSEK’s powerful, scalable and cost-effective IT solution, the new company will bring enhanced capabilities to its SaaS platform which all customers will benefit from.
Jon Slade, CEO, ENSEK
In addition, the acquisition will enable ENSEK to expand its SaaS platform solutions into the Benelux region and beyond, with the objective to enable European energy suppliers to improve their customer service by providing valuable information from the data they hold. As part of the deal, Benelux customers will also gain access to ENSEK’s existing service offerings and expertise, as well as its broader UK-based product engineering, service desk and development operations. Following the deal, NrgFin has been rebranded ENSEK Benelux.
Established in 2014, NrgFin is headquartered in Beringen, Belgium and also has operations in the Netherlands. The company provides finance solutions for energy suppliers and has a diverse range of B2B and B2C end customers including Total Gas & Power, Lampiris, Octa+, Elegant, Antargaz and Essent.
NrgFin’s 12-strong team will continue to operate from the company’s operations in Belgium and the Netherlands, which will be fully incorporated into the ENSEK network. The company’s founders, Ilse Melotte and Gunther Walmagh have retained a large minority stake and will continue with ENSEK in senior management roles.
The deal represents the first acquisition completed by ENSEK. The business, which has been backed by LDC since October 2017, has more than doubled its revenues in the past two financial years following an increase in contracted recurring software revenue. In addition to acquiring NrgFin, GaliliAI, a data science startup, will also join the ENSEK Benelux team. ENSEK Benelux has already secured its first pilot phase implementation for the ENSEK platform with the energy supplier Eneco, the third largest utility provider in Belgium, serving close to a million connection points. The pilot investigates how the ENSEK platform can support Eneco’s digital transformation in order to deliver market leading agility and cost-effectiveness, enabling its ambitions for the future.
Commenting on the acquisition, Jon Slade, CEO, ENSEK said: “This acquisition represents a significant and exciting milestone for our business. Energy retail sectors across Belgium and the Netherlands have many synergies with our own core UK market, and we’re looking forward to working alongside our new colleagues to integrate our service offerings and maximise future growth opportunities.”
John Green, Investment Director at LDC said: “With ENSEK, one of our key investment objectives was to support the management team in converting complementary acquisition opportunities, whilst maintaining continued strong organic growth. NrgFin is a high-quality business and this deal brings a well-established Benelux footprint to ENSEK. This transaction reaffirms our commitment to support our investment portfolio with its buy and build growth plans.”
Ilse Melotte, Managing Director at ENSEK Benelux said: “ENSEK and NrgFin are complementary – we can’t wait to bring our knowledge together, creating new services that will only benefit our customers. There is a significant growth potential, especially in Belgium and the Netherlands, and this acquisition is key for the combined company to continue its international growth.”
ENSEK is on a mission to remove the complexity of the energy industry and let suppliers focus on what really matters – their customers. It Software as a Service platform for energy suppliers, provides innovative tools and the knowledge required across B2C, B2B and I&C markets, to enable the reduction in an energy supplier’s cost to serve, while increasing customer satisfaction.
ENSEK provides products and services for 20 customers within the UK, including Centrica and Utility Warehouse, and 10 customers in the Benelux region.
For more information, visit: https://ensek.com/
1. LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority.
2. LDC has committed to invest £1.2bn in UK mid-market businesses over the next three years.
3. LDC has a portfolio of 90 businesses across the UK, across a broad range of sectors including Construction & Property, Financial Services, Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure and Support Services.
4. LDC has a nationwide network of regional offices to provide a local presence to the businesses and communities it supports.
5. For further information, visit www.ldc.co.uk/pressrelease
NrgFin helps energy companies to efficiently buy and sell energy using data. The company – which was founded in 2014 – operates from Beringen in Belgium and the Netherlands. The team of 12 employees meanwhile achieves a turnover of 1.9 million euros, which enabled them to appear in 2019 in the Deloitte Technology Fast 50 list. The company now continues its activities under the name “ENSEK Benelux”.