PowerSecure (NYSE: POWR) is expanding beyond a variety of technologies from LEDs to emergency backups and smartgrid.
The Wake Forest-based power technology firm is moving into cybersecurity and regulatory compliance consulting for the utility industry with its acquisition of Encari, a deal that was announced early Wednesday.
PowerSecure says it is paying $4.8 million in cash up front for Encari, a privately held firm based in Illinois.
Another $1.2 million could be paid if Encari hits “certain income goals” in the fourth quarter of this year.
“By adding Encari’s technical consulting expertise, we are able to expand our service offering to our existing utility partners and bring new services to Encari’s impressive customer base,” said Sidney Hinton, chief executive officer of PowerSecure, in announcing the deal.
Encari works with firms to meet standards set by the North American Electric Reliability Corporation.
“With our unparalleled understanding of Federal Energy Regulatory Commission regulations and NERC CIP Reliability Standards, Encari has been able to help its utility customers achieve and maintain required compliance,” said Steve Hamburg, president of Encari.
“Now, with the added resources and substantial capabilities of PowerSecure, we will be able to provide a broader range of services to utilities as they continue to adapt to new and complex cybersecurity compliance requirements,” Hamburg added.
PowerSecure has made two other acquisitions in recent months, a safety company and an LED firm.
