Smart metering specialist Aprose acquires Bridgend-based technology firm
KWR Technologies, a high-growth software company based in Bridgend, has been acquired by smart metering specialist Aprose Solutions.
Having made an equity investment in the firm five years ago, the Development Bank of Wales has successfully sold its shares to Aprose Solutions – a company owned by ESG.
Founded in 2010, KWR is a software engineering company best known for the EnGenero application development tool. It’s used by organisations looking for high-quality and robust systems with efficient processes.
Paul Lee, deputy fund manager at the Development Bank of Wales, said: “The KWR divestment comes within two years of the Aprose Solutions’ trade investment into KWR made in June 2016.
“During the interim period, the working relationship between the companies has significantly strengthened. As a long-term investor, we have delivered a successful result after just five years.
“As a patient equity investor, our role is to work with the companies that we support; aiding their long-term growth. We’ve been delighted to play a role in the journey that KWR has taken over the last five years and wish them and Accelero every success.”
Kelvin Jones, managing director of Accelero Digital Solutions, said: “We are excited to join ESG and work as a team to help transform the energy sector for customers.”
“We believe that our approach to developing complex software with a small number of people provides significant value and opportunity.”
The news comes as ESG – which creates SaaS products for the retail energy market – acquired Aprose in May. It’s now operating under Utiligroup, which is the UK arm of ESG.
Speaking at the time, its CEO Matthew Hirst said: “I am delighted to welcome the team at Aprose Solutions Ltd into Utiligroup. Through Steve Powell’s leadership, Aprose is a fast growing company with a passionate team that brings new talent to our business.
“We offer the market leading software as a service platform and associated expertise to make energy smarter for everyone. Together we will help transform the experience of energy customers in the digital age, starting with smart meters.”