IWMAC and Egain merge to drive sustainability in building energy management
Property management specialists IWMAC and Egain have announced they are joining forces, bringing together two of the leading building connectivity platforms in Europe. The two companies have a shared vision of fighting climate change through enabling better monitoring, control and optimisation of energy use of buildings, across the retail, industrial, commercial and residential sectors. A new brand name will be announced in the near future.
Buildings account for 40% of Europe’s carbon emissions – mainly arising from heating and cooling – and 75% of all buildings are energy inefficient. With forecasts indicating that as much as 95% of today’s building mass will still be in use in 50 years’ time, optimising the energy consumption of this sector will play a key role in achieving the EU’s target to reduce greenhouse gas emissions by 55% by 2030. For IWMAC and Egain this challenge represents an enormous opportunity.
With proven solutions already implemented at 9,000 facilities across Europe, we are well-positioned to expand our customer base across Europe. As property owners are facing increasingly ambitious sustainability targets, intelligent digitalization of both new and old buildings on a unified and flexible platform is a very attractive way of reducing energy and resource waste, explains Trond-Øystein Bjørnnes, formerly CEO of IWMAC, who has been appointed as the CEO of the new company.
The new company will combine the capabilities of IWMAC and Egain to offer a market-leading range of property management tools, utilising the internet of things (IoT), artificial intelligence, big data and human expertise. Through advanced data capture, they provide a comprehensive picture of building operations, enabling better, more sustainable decision-making.
Around 6,000 commercial, residential and public buildings as well as 3,000 grocery stores in Northern Europe are already daily users of either IWMAC or Egain solutions for energy control and efficiency, with particularly strong presence in Norway and Sweden. In 2020 the combined turnover of IWMAC and Egain exceeded € 16 million, and the new company will initially have offices in seven countries with a total of 120 employees. Following the merger, it will pursue further acquisitions within the European proptech space, to continue to grow market share.
Merging IWMAC and Egain creates a fantastic opportunity to grow further, enabling more organisations to improve their profitability, while reducing emissions and waste at the same time, says Kent Zehetner, Partner at Pivot Invest, who will be board chair of the new company.
Summa Equity, the Nordic private equity firm, which invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes, acquired Egain in 2016 and will remain a significant shareholder.
Egain and IMWAC are both at the forefront of using innovative technology to transform building sustainability, and they complement each other perfectly in a way that brings huge advantages for customers. We look forward to working together as the new company plays an even greater role in building a sustainable economy going forwardscommented Gisle Glück Evensen, partner at Summa Equity.
IWMAC is a SCADA software developing company and data integration specialist for all technical systems in buildings. Since the start IWMAC has supported companies to reduce their energy consumption and product losses and smart solutions for web-based monitoring gives the customers a complete overview and control. IWMAC was founded in 2001 in Trondheim, Norway. Today the IWMAC solutions connects to, monitors and controls technical installations in 4,000 buildings, including specialist solutions for grocery stores. IWMAC is the only provider with a 24/7/365 manned Alarm Center.
For further information, please contact:
Hannah G. Jacobsen, Director and Head of IR, Summa Equity
Gisle Glück Evensen, Partner, Summa Equity
Kent Zehetner, Chair of Board (+47 918 13 762 / firstname.lastname@example.org)
Trond-Øystein Bjørnnes, CEO (+47 982 03 840 / email@example.com)