13th Feb 2015 12:13
(In an item published at 1037 GMT, the headline misstated the nature of AlertMe's role in the Hive Heating app. The correct version follows.)
LONDON (Alliance News) - British Gas, part of Centrica PLC, Friday said it will fully acquire UK-based company AlertMe for a net cost of GBP44 million before the end of the first quarter.
AlertMe is a "connected homes company" that provides energy management products and services. This includes providing back-end technology for the Hive Active Heating app, which allows customers to control their heating from a mobile phone.
British Gas currently holds a 21% stake in AlertMe and will now push forward with a full-takeover offer at a net cost to British Gas of GBP44 million.
"AlertMe provides the technical platform that underpins British Gas? existing connected homes activity, including its remote heating control product, Hive Active Heating. The acquisition gives British Gas ownership and control over a scalable technology platform, software development capability, data analytics and a patent portfolio," said British Gas.
The acquisition will also enable further development of connected homes products and services in other parts of the Centrica group, through Direct Energy in North America, and Bord Gáis in the Republic of Ireland, it said in a statement.
Centrica shares were down 0.4% to 286.41 pence per share on Friday midday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Centrica