Wednesday 2nd August 2023
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ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to announce the acquisition of the assets of the Marne & Associates NESC training business for an undisclosed sum.
Marne & Associates specialize in training utilities, communications companies, and engineering groups on the application of the National Electrical Safety Code (NESC) in the day-to-day work at a utility, the application of NESC Rules for Joint-Use Construction (for engineers and line workers), Occupational Safety and Health Administration (OSHA) 1910.269 (for Power Workers), and OSHA 1910.268 (for Communication Workers).
IKE CEO, Glenn Milnes, commented ‘IKE is a software & technology company that drives productivity outcomes in the development and maintenance of distribution networks across North America. But we establish a thought leadership position, key relationships, and an important sales channel via our existing, profitable training & education offering that has to date focused on the engineering topic of structural analysis. We have been fortunate to be able to leverage this capability to engage with dozens or sometimes hundreds of distribution engineers at target utilities. This new NESC training capability will further allow us to add value to, learn from, and ultimately cross-sell our technology products to the end-users who often influence buying decisions within utilities, engineering companies, and communications groups.
The Marne & Associates customer footprint includes some of the nation’s largest investor-owned utilities. We are particularly excited to be partnering with Dave Marne, a nationally recognized speaker on the NESC, and an NESC committee member. Mr. Marne has co-authored The NESC Handbook since 2002 and specializes in its training. He has more than 30 years of experience in the utility industry and is a senior member of the Institute of Electrical and Electronics Engineers.”
Dave Marne added, “It is an exciting and important time for the grid’s physical infrastructure. I am thrilled to be working with IKE, whose dedication to safety and education matches my own. I look forward to seeing how our cumulative work comes together in ways that help our nation's grid evolve toward a successful future.”
The acquisition is expected to be accretive immediately, although not materially relative to IKE’s revenue profile
We’re IKE, the PoleOS™ Company. IKE seeks to be the standard for collecting, analysing and managing pole and overhead asset information for electric utilities, communications companies, and their engineering service providers.
The IKE platform allows electric utilities, communications companies, and their engineering partners to increase speed, quality, and safety for the construction and maintenance of distribution assets.
The core revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE platform and the volume of assets (via Seat Subscriptions or Transactions) being processed through IKE’s software.
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