As part of the deal, SCIenergy will maintain a joint venture agreement with Mitsui & Co. (U.S.A.), Inc., a leading trade and investment company and committed capital partner of Transcend Equity. The acquisition positions SCIenergy as a global leader in providing Energy Efficiency as-a-Service™.

Transcend's proprietary solution—Managed Energy Services Agreement (MESA™)—pays for a landlord's energy bill along with major capital investments needed to make buildings more energy-efficient. In return, building owners pay a fee for a fixed period of time, preserving capital resources for their core business activities.

"We are excited to welcome the dedicated and experienced Transcend Equity employees to the SCIenergy team. Transcend is the clear leader in providing sustained energy reductions for portfolio owners and we can't wait to extend MESA to our key customers and partners," said Russ McMeekin, president and chief executive officer, SCIenergy. "MESA will leverage applications in the SCIenergy cloud™ to make commercial buildings more digitally aware and to further outperform traditional energy management offerings".

"Transcend Equity has more projects to its credit than all others combined. We're excited about SCIenergy's technology and resources to take it to the next level," said Matthew Maher, senior associate Mitsui & Co. (U.S.A.), Inc.

"We've analyzed the technology providers in the energy efficiency space. SCIenergy is by far the most compelling partner for Transcend Equity and is aligned with our aggressive growth expectations. Enhanced visibility into a building's energy and systems performance is critical for us, so we're anxious to accelerate and amplify our results by integrating MESA with the SCIenergy cloud," said Steve Gossett, Jr., vice president, Transcend Equity.

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