SolarEdge Technologies said it will acquire the entire share capital of Hark Systems Ltd., a UK-based Software as a Service (SaaS) Internet of Things (IoT) platform. Hark’s customer base includes some of the largest supermarket chains in the UK.
Terms of the deal were not disclosed.
The acquisition is expected to enable SolarEdge to offer its commercial and industrial customers expanded capabilities in energy management and connectivity, including identification of potential energy savings, detection of anomalies in assets’ energy consumption, and optimization of energy usage and carbon emissions through load orchestration and storage control.
The acquisition is subject to certain customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2023.
