NorthEdge acquires energy technology and data business Correla
Summary
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 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. NorthEdge will work alongside Correla Chief Executive Officer, Sian Jones, and her team, to deliver the business’ long-term vision of reducing industry complexity for the benefit of end consumers, which is an essential step on the industry-wide pathway to net zero. NorthEdge’s acquisition has come at a critical time for us as we look to develop new products, services and technologies that will remove complexity from the market and unlock operating models that better support the UK’s energy transition. This, alongside their commitment to Environmental, Social and Corporate Governance (ESG), as well as their experience of backing businesses in the energy and utilities software and services industry, proved to us that they were the right partner to support us on this exciting journey.” Andrew Skinner, Director and Head of Midlands at NorthEdge, says: “Correla is already an integral service partner to stakeholders in the UK gas network, and we’re excited to support the team to enhance that performance.