IGS Energy announces JadeTrack acquisition
IGS Energy has announced its acquisition of software provider Jadetrack, who together will streamline the process of monitoring energy usage and further their sustainability efforts.
Founded in 1989 by president and CEO Scott White and his father, IGS Energy serves clients throughout the Midwest and beyond by offering sustainable technologies, like 100 percent renewable electric, solar energy systems and carbon-neutral natural gas. JadeTrack, co-founded in 2011 by CEO Ryan Prestel, will help present the energy-usage on a manageable, easy to understand platform.
With roots in Columbus, it was nearly inevitable that the two companies would one day work together. Over the years the two have collaborated multiple times and discussed various types of partnerships, but during the last few months of 2020, talks of an acquisition and expanded opportunities just made sense, Prestel says.
“We’re very, very excited,” White says. “We feel like in 2021 and the timeframe we’re in right now, there’s a lot of new innovation in technology that’s on the energy consumption side … in order for us to implement those things, having insight on your usage is extremely important.”
Both companies have their sights set on sustainability, and with the JadeTrack acquisition, IGS can get closer to its goal of becoming a completely carbon-neutral energy provider by 2040 — an ambitious goal announced in August 2020. With the collaboration, clients will be able to view and understand trends in their energy consumption patterns and make strategic changes.
Though it is an acquisition, White and Prestel share that many details of the integration are still in the works and that the two see it as a partnership. The IGS and JadeTrack teams will merge, but due to the pandemic and a lack of people in the office, the question of whether both headquarters will be occupied remains unanswered. Financial terms were not disclosed.
For Prestel, expanding into IGS is not only a major opportunity for both companies and their similar missions, but a unique chance to learn. As the two come together, both Prestel and White will retain their existing titles.
“I’m excited to learn from some industry veterans,” Prestel says. “I’m very excited about the opportunity to learn from people that I’ve had a lot of respect for and admiration for over the years … I think personally, that’s the thing that I’m most looking forward to.”
White sees great potential with the JadeTrack integration, from expanding within and hiring new teammates to helping clients live a more sustainable lifestyle.
“I’m glad that we can make a home for a good up-and-coming Columbus company and keep them engaged here in Columbus and expand the number of people they’re going to be employing,” he says.