Spokane-based Ecova has completed the purchase of a Georgia-based competitor with the similar-sounding name of Prenova, Inc. Terms of the purchase were not disclosed.
Earlier this year Ecova renamed itself from Advantage IQ. The similar names is pure coincidence.
Ecova officials began moving toward the new name two years ago, well before discussions were launched to acquire Prenova, a company statement noted.
Both companies offer corporate energy management and efficiency services.
Prenova has roughly 80 corporate customers that are now part of Ecova’s portfolio. Most of those are in the southeast United States, according to a company spokeswoman.
The transaction is expected to be neutral to Ecova’s earnings in 2012. Prenova reported revenue of $12.4 million for the first three quarters of 2011. It reported the same sales for all of fiscal year 2010.
With the addition of the new clients, Ecova’s customer list now exceeds 600 and expands the company’s reach into the education and government sectors.
Advantage IQ was launched in 1997 as a subsidiary of Avista Corp. It now has more than 900 employees with offices in Cincinnatti, Portland, Denver, Minneapolis, Seattle and San Francisco.