EnerNOC agrees to buy Worcester-based World Energy Solutions for $76M

Nov. 4th 2014, 4:46pm EST

By David Harris, Tech Editor, Boston Business Journal

EnerNOC Inc. (Nasdaq: ENOC), a Boston-based provider of energy intelligence software, said Tuesday that it has agreed to acquire World Energy Solutions Inc. (Nasdaq: XWES), a Worcester energy management technology and services firm, for $76 million in cash.

The purchase price of $5.50 per share represents a premium over World Energy's closing price of $4.15 per share Tuesday.

Tim Healy, chairman and CEO of EnerNOC, said that the acquisition would add about $30 million to EnerNOC's annual recurring revenue. World Energy's software is used by 4,000 companies, according to EnerNOC.

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