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Arcadia, the US-based technology company empowering energy innovators to fight the climate crisis, on Tuesday acquired the US-based Urjanet, the largest utility data provider in the world with around 300 employees (out of the global 400) present in Chennai.
Arcadia plans to double Urjanet’s employees in Chennai by next year, Kiran Bhatraju, CEO of Arcadia, told BusinessLine without disclosing the deal size. Employees in Chennai do engineering and data analytics, he added.
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“We will not only expand our employee size in Chennai but also sell our platform in India,” said Bhatraju. Urjanet’s global data access will integrate with Arcadia’s data and API platform, Arc, enabling Arc to become the universal software layer for the zero-carbon economy.
Today, only 9 per cent of companies use software to accurately manage their environmental, social, and governance (ESG) reporting, instead relying on manual processes and estimates. The Arc platform solves this problem by providing companies with actual, building-level meter data through easy-to-use APIs. For example, a client may have a presence in around 1,000 locations. The platform pulls out data from various utilities to compile on energy usage.
“Urjanet has built a fantastic business capturing utility data across 30 per cent of the Fortune 500. With Urjanet joining Arcadia, we will be able to serve customers globally with the most comprehensive software solution in climate tech,” said Bhatraju. “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,” he added.
Earlier this month, Arcadia announced a $200 million fundraising round led by JP Morgan Asset Management’s Sustainable Growth Equity Team. The company, now valued at $1.5 billion, has raised $380 million to date, the release said.
Sanjoy Malik, CEO of Urjanet, in the release said. “We can now work together to accelerate the energy transition and help companies achieve their sustainability goals.”
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