It’s been a busy time for Ecova! We’ve celebrated many milestones as we continue to become the leader in total energy and sustainability management for our clients.
We recently provided an integration update on our acquisition of Prenova, and we wanted to be sure to share an update on the integration efforts from our acquisition of LPB Energy Management. As a reminder, we acquired Dallas, Texas-based LPB Energy Management in February 2012, which expanded our geographic reach and increased our client base to nearly 700 commercial clients, while enhancing our expertise in utility expense management and energy procurement.
At the time of the LPB acquisition, we immediately began working to identify best practices in products, processes, and operations from both companies. Our initial work is complete, and we are moving ahead with system improvements that we believe will benefit our clients. Highlights of our system updates include:
It’s essential that we offer the most comprehensive and up-to-date products. Our team has identified areas for opportunity, and as a result, we are transitioning to a single Expense and Data Management platform. The enhanced system will provide clients with additional vendor payment options and a more detailed level of data for reporting on costs, usage, and demand, as well as a deeper level of utility billing analysis to identify cost savings opportunities and billing anomalies.
We continue to invest in our Energy Supply Management (ESM) and procurement services. Our team is looking at consolidating our existing systems in order to build the market’s best reporting platform, which will improve hedge data management, workflow, budget support, market information, and user dashboards. Clients should see improvements in the availability of supply market intelligence, online contract management, and reporting consistency before the end of 2012.
We are excited about our product enhancements and building on the good work of LPB Energy Management. As we continue our integration and product development efforts, we will provide additional updates on timing and on what these changes mean for our clients.