Wood Mackenzie, an analyst firm serving the energy, renewables and natural resources, was acquired in 2015 for $2.8 million by Verisk, global data analytics provider, and then the following year, GTM Research was folded into Wood Mackenzie. Now Verisk and Veritas Capital, an investor at the intersection of technology and government, announced the signing of a definitive agreement whereby Veritas has agreed to acquire Verisk’s Energy business, Wood Mackenzie, for $3.1 billion in cash consideration plus future additional contingent consideration of up to $200 million.
“This transaction best positions Verisk to expand our role as a strategic data, analytics, and technology partner to the global insurance industry, and as a result, drive growth and returns that will create long-term shareholder value,” said Lee Shavel, Verisk CEO. “It will also further advance Wood Mackenzie’s competitive position and support the vital roles both organizations play in their respective industries.”
Since joining Verisk in 2015, Wood Mackenzie has developed strong data and analytics capabilities and provides renewable energy and energy transition data and analytics with the purpose of transforming the way the planet is powered. pv magazine USA relies on Wood Mackenzie data, analytics, and insights into the global solar market, for example, a report earlier this year looked at the need for federal policies in order to achieve a carbon-free power sector. Wood Mac is also know for its quarterly Solar Market Insight Reports, produced in conjunction with the Solar Energy Industries Association.
“As co-presidents of Wood Mackenzie, Mark Brinin and Joe Levesque have demonstrated remarkable leadership and have continued to grow the business by relentlessly innovating on behalf of their clients. We’re proud to have supported Wood Mackenzie’s growth and are confident in their bright future as part of Veritas,” Shavel added.
Veritas is a technology investor with over $45 billion of assets under management and a focus on companies operating at the intersection of technology and government, and it brings deep sector knowledge and operational expertise to Wood Mackenzie. Veritas plans to help further advance Wood Mackenzie’s goal of accelerating the transition to a more sustainable future.
“Drawing from its decades of leadership and innovation, Wood Mackenzie is playing a vital role at the forefront of the global energy transition by providing essential data and insights to organizations across the value chain,” said Ramzi Musallam, chief executive officer and managing partner of Veritas. “In partnership with Wood Mackenzie leadership, and with the strong backing of our strategic investment, we have an opportunity to enhance and expand the datasets and solutions the company provides to its growing customer base, from upstream producers who are looking to decarbonize to new energy asset managers who want to optimize their investments.”
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