Mid-market private equity firm NorthEdge has acquired Correla, an technology and data services business that aims to help create a less complex and more sustainable energy sector.
The acquisition will see NorthEdge acquire Correla, following the divestment of the subsidiary by the Gas Industry’s Central Data Service provider Xoserve. The divestment will see Xoserve become a specialised contract management and assurance company as part of a restructure of its existing operations, undertaken to best serve the changing needs of the gas industry and its stakeholders.
Correla was created to fuel innovation in the centre of the gas market and the wider energy sector. It will continue to deliver services back to Xoserve through a commercial contract (Data Services Contract Plus – DSC+), embracing existing commitments and remaining focussed on delivering outstanding customer service and operational effectiveness.
The divestment and subsequent investment partnership with NorthEdge allows Correla to deliver new products and services, through investment in its data platforms and expansion into alternative energy markets through organic growth – alongside the potential for strategic acquisitions to accelerate services expansion.
Read more/Source: Private Equity Wire
