With the acquisition of analytics firm Wood Mackenzie, Veritas expands the datasets it can provide to upstream producers and wealth managers on the global transition to clean energy.
von pv USA magazine
Wood Mackenzie, an energy analytics company, was acquired by Verisk, a global data analytics company, in 2015 for $ 2.8 million. GTM Research was incorporated into Wood Mackenzie the following year. Now Verisk and Veritas Capital, an investor at the intersection of technology and government, have announced the signing of a definitive agreement. As a result, Veritas agreed to acquire Verisk’s energy business, Wood Mackenzie, for $ 3.1 billion in cash, plus additional future consideration of up to $ 200 million.
“This transaction optimally positions Verisk to expand our role as a strategic data, analytics and technology partner for the global insurance industry, driving growth and returns that create long-term shareholder value,” said Lee Shavel, CEO by Verisk. “It will also further advance Wood Mackenzie’s competitive position and support the important roles that both organizations play in their respective industries.”
Since joining Verisk in 2015, Wood Mackenzie has developed strong analytics and data skills, providing data and analysis on renewable energy and the energy transition with the goal of transforming the way the planet is powered. Wood Mackenzie is also frequently contacted by pv magazine for data, analysis and insights into the global photovoltaic market.
Veritas is a technology investor with over $ 45 billion in assets under management, with a focus on companies operating at the intersection of technology and government. The company brings in-depth industry knowledge and operational expertise to Wood Mackenzie. Veritas plans to further promote Wood Mackenzie’s goal of accelerating the energy transition.
“Wood Mackenzie plays an important role at the forefront of the global energy transition, providing critical data and insights to companies along the value chain,” said Ramzi Musallam, CEO and Managing Partner of Veritas.
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