Verisk has signed a definitive agreement to acquire PowerAdvocate
PowerAdvocate's proprietary, one-of-a-kind spend and cost data is curated from millions of transactions across thousands of services, materials, and equipment categories in the energy industry. As a result, PowerAdvocate uniquely supports enterprise performance by providing insight into its customers' cost savings opportunities. Through its proprietary data set encompassing $2.7 trillion of spending data, and machine-learned methods, the company brings transparency to otherwise opaque markets and ensures that capital can be deployed in an efficient manner.
"The acquisition will expand Verisk's existing offerings to the energy sector by adding PowerAdvocate's proprietary spend data and cost models. Its solutions are targeted at our existing customers, and will grow more rapidly by being on our platform. These enhanced offerings will provide our customers with unique insight to increase profitability," said Scott Stephenson, chairman, president, and chief executive officer of Verisk.
"We're very excited to join Verisk, as this will accelerate our growing business by providing greater access to global markets and Verisk's existing international customers. We offer a unique value proposition that will be further enhanced by leveraging synergies and collaborating with other Verisk business units and their data analytics," said Daniel Sullivan, president, chief executive officer, and founder of PowerAdvocate.
"PowerAdvocate is a Verisk-like business that represents an additional step to provide comprehensive supply chain solutions to our customers, including mitigating risk and optimizing total cost of operations," added Stephenson.
Verisk will discuss the transaction and PowerAdvocate's products and business in greater detail at its upcoming Investor Day on December 7, 2017.
PowerAdvocate is a leading provider of spend and cost market intelligence. Developed to support customers' informed decision making, its proprietary solutions enable energy executives to restructure costs and improve company performance. PowerAdvocate supports more than 80 energy companies primarily in the United States but increasingly internationally. Founded in 1999, PowerAdvocate is headquartered in Boston and has an additional office in San Francisco. For more information, visit www.poweradvocate.com.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.