EnerNOC (ENOC) Invests in SaaS Company, WeSpire

August 19, 2014 8:36 AM EDT
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EnerNOC (Nasdaq: ENOC) announced that it has made a strategic investment in Boston-based WeSpire, a software-as-a-service (SaaS) company for businesses seeking an innovative approach to measure and track the positive business impact of engaging employees in sustainability through technology. Under the terms of the agreement, EnerNOC has exclusive rights in the EIS space to market a white-labeled version of WeSpire's employee engagement application, customized for enterprise and utility customers. By offering the WeSpire application, EnerNOC further enhances its ability to help businesses take a holistic approach to energy management.

With WeSpire, users earn points for actions related to projects that span energy, water, waste, transportation, food, volunteerism, and corporate citizenship. Founded in 2010, WeSpire has already achieved significant traction with notable customers, including eBay, McDonald's, Unilever, and MGM Resorts International. Through this agreement, WeSpire will be available to all EnerNOC customers.

"EnerNOC continues to be a thought leader in building the energy intelligence ecosystem, and is a perfect match with WeSpire, which has created an innovative platform to inspire our 62,000 employees on what they can do in their own lives to be more environmentally responsible," said Cindy Ortega, Senior Vice President and Chief Sustainability Officer at MGM Resorts International.

"Changing behavior is one of the most effective ways that organizations can take control of energy use, but it requires a systematic approach built on proven behavioral science. By pairing WeSpire's interactive technology to motivate people with EnerNOC's ability to pinpoint the largest opportunities for energy-related savings, organizations can not only get a high return on investment, but improve overall employee engagement metrics, and deliver against broader sustainability goals," said Susan Hunt Stevens, Founder and CEO of WeSpire.

"Organizations that are serious about taking control of energy costs understand that you need to take a holistic approach, from prioritizing large capital projects and making operational changes to align to best practices, to engaging occupants in a way that encourages them to change their behavior," said Tim Healy, Chairman and CEO of EnerNOC. "This partnership reinforces EnerNOC's vision of providing a single platform where organizations can manage energy costs and improve productivity, while at the same time, stimulating the growth of a broader category of promising young companies committed to building interesting energy intelligence software applications."

Tim Healy will join WeSpire's Board of Directors as part of the agreement.

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