Local energy shopping platform Power2Switch today announced its acquisition by a rival company based in Plano, Texas, called Choose Energy. Power2Switch helps customers save money by providing a platform through which they can compare and shop for energy providers online. Terms of the deal, which was settled on Sept. 26, were not disclosed.
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Although Choose Energy also helps customers comparison shop for electricity providers, President Jay Webster says the acquisition of Power2Switch will help expand their presence into the Midwest. Today, Power2Switch serves customers in Illinois, New Jersey, New York, Ohio and Texas.
Power2Switch has a stellar reputation and has made an enviable footprint in the Illinois market," said Jay Webster, president of Choose Energy. "We will now be able to offer more choices to our customers while expanding into new markets and working with additional service providers."
For months now, Power2Switch has received several takeover offers. It was a matter of time before the right one came along.
“It was the best of the offers we'd gotten over the last few months and Choose will continue to take Power2Switch to the heights we set out for this when we launched the business,” says Seyi Fabode, co-founder and CEO. “They have a team with a lot of experience taking businesses through growth to hypergrowth.”
Moving forward, Choose Energy will take on Power2Switch’s products, including its core platform, as well as assets and customers.
Launched in 2010 by Fabode and Philip Nevels, then students at the University of Chicago Booth School of Business, the Power2Switch team went on to graduate from TechStars in 2011. The company also raised $1.3 million from local investors. Since the service went live, Power2Switch has saved customers a collective $2.5 million dollars by guiding them to switch to more affordable energy providers.
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