Advantage IQ, a subsidiary of Avista Corp. that manages energy use and other utilities for corporate clients, has bought a competitor in Cincinnati.
Shareholders of privately held Cadence Network will receive a 25 percent minority stake in Advantage IQ. Together, the combined firms will have annual sales of about $62 million, serving more than 500 customers at hundreds of thousands of sites across the U.S. and Canada, officials said.
Advantage IQ was founded in 1995. It has about 530 employees, compared to Cadence Network’s 80.
Avista is considering options for Advantage IQ over the next two to four years, including a possible sale of the subsidiary, Avista Chairman Scott Morris told analysts Monday. Buying fast-growing Cadence Network will help the firm reach that decision point, he said.
Advantage IQ will remain in Spokane, with offices in Cincinnati, Denver and Atlanta. Stu Stiles will continue as Advantage IQ’s president and CEO. Jeff Hart, the former head of Cadence Network, will become Advantage IQ’s chief operating officer.