- Utility data aggregator Urjanet has been acquired by energy technology company Arcadia.
- Urjanet made its Finovate debut last fall at FinovateSpring 2021.
- Terms of the deal were not disclosed. Atlanta, Georgia-based Urjanet facilitates access to data from more than 6,500 utility, telecom, and cable providers around the world.
Here’s some big news from a Finovate newcomer that slipped beneath our radar in the wake of FinovateSpring this year. Urjanet, a leading utility data aggregator that made its Finovate debut last May, has been acquired by energy technology company Arcadia.
Terms of the deal were not disclosed. The deal will integrate Urjanet’s global data access with Arcadia’s data and API platform, Arc. This will enable Arc to serve as a universal software layer for the “zero-carbon economy.”
“Without data access, it will be impossible to meet the urgency and size of the climate crisis,” Arcadia CEO Kiran Bhatraju said. “Through our combined capabilities, Arc will help companies in every industry plan for and act on their climate responsibilities, pulling forward a zero-carbon future.”
Urjanet, founded in 2010 and headquartered in Atlanta, Georgia, is the world’s leading utility data aggregator. The company enables businesses to securely access consumer-permissioned data from more than 6,500 utility, telecom, and cable providers in 47 countries. Urjanet accesses more than one million utility bills a month and flows $150 billion in utility spend through its platform. With 50,000 connected utility accounts around the world, nearly a third (30%) of the Fortune 500 utility bills are captured with Urjanet’s technology. Bhatraju said that the integration with Arc will enable Arcadia’s platform to include more than 95% of all residential and commercial accounts in the U.S., as well as data from 9,500 electric, water, gas, and waste utilities globally. More than 1.35 million utility accounts around the world will be connected courtesy of the acquisition.
“Urjanet and Arcadia have long known the same secret: that on-demand, high-fidelity energy data is key to rapid decarbonization,” Arcadia’s Bhatraju wrote when the acquisition was announced earlier this year. “By integrating Urjanet’s global data access, Arc, Arcadia’s industry-leading data and API platform, becomes a universal software layer for the zero-carbon economy with the ability to serve all customers – residential and commercial – across the globe.”
At its Finovate appearance last May, Urjanet showed how its technology could be used to boost financial inclusion and expand credit access. The company partnered with Equifax to launch a new Payment Insights solution that enables banks and lenders to use utility payment history to help establish worthiness for loans.
More recently, Urjanet launched its new flagship platform, Utility Cloud, which provides easy and automated access to credentialed utility account information. Unveiled in April, Utility Cloud provides universal access to utility data, delivering sustainability reporting, energy consumption, utility bill data, and bill images on-demand. This allows businesses to become more energy-efficient, reduce energy spending, and produce quality, aggregated data for ESG reporting.
“Going forward, our customers’ data will be available on-demand in one central location, simplifying their utility data access even more. “Urjanet CEO Sanjoy Malik said. “This one-of-a-kind platform will help organizations streamline very manual and expensive business processes associated with organizing bills from all over the world.”