Pace Global will integrate within the Siemens Building Technologies division, but will continue to operate as a separate operating unit. Timothy Sutherland will continue to lead the operating unit after the acquisition, and Pace Global’s executive staff and employees will remain intact, the companies said.
Dave Hopping, vice president of Siemens’ U.S. building automation business unit, said the purchase allows his company to extend its reach into the energy market while enhancing its building automation portfolio for the private and public sectors. These offerings include support for utility spend and billing, energy purchasing advisory services, carbon management and tracking, and energy asset management.
Andreas Schierenbeck, president of Siemens’ U.S. building technologies division, said the company’s portfolio has now expanded to include energy consulting and procurement, forming an end-to-end energy consulting and project delivery capability.
Pace Global, a 36-year-old company, manages more than $5 billion in energy spend for 200 clients around the world, overseeing a risk portfolio valued at about $10 billion, and supports the development, acquisition, and financing of over $100 billion of energy assets worldwide. It has offices in Houston, Fairfax, Va., Columbia, S.C., London and Moscow.
Consolidation has been a major force in the building automation and energy management markets. Siemens made its own acquisition with the purchase of SureGrid, while Schneider Electric picked up Vizelia and Summit Energy, Serious Materials bought Valence Energy, and Ecova announced plans to buy Prenova. In March IBM announced that it will buy Tririga, a vendor of facility and real estate management software.
In July Siemens said it is seeking to fill over 400 open positions in its green building technologies division, across 39 states. In addition, last month, Siemens Industry Inc. signed an agreement to acquire all of the stock of smart grid firm eMeter Corporation.