The Technology team advised PowerAdvocate on its agreement to be acquired by Verisk, a leading data analytics provider serving customers in insurance, natural resources and financial services. Under the terms of the agreement, Verisk will pay $200 million cash, funded through existing bank facilities, subject to typical closing adjustments, and an earnout of up to $80 million, subject to the achievement of specific return goals. The transaction is expected to close in the fourth quarter of 2017, subject to the completion of customary closing conditions.
PowerAdvocate is the leading provider of spend intelligence, cost intelligence and supply chain solutions to the energy industry. Developed to support customers’ informed decision making, its proprietary solutions enable energy executives to restructure costs and improve company performance.
The Goodwin team was led by partners Robert Bishop, Stuart Cable and Dan Karelitz and included associates Daniel Isaacs and Morgan Frisoli.
For additional details on the acquisition, please read the press release.