We are pleased to announce that we have supported Correla to complete its first strategic acquisition. Correla has acquired CloudKB, a cloud-based energy data management business, for its innovative uMesh platform, expert team, and unrivalled knowledge of the energy industry. Correla will utilise this software to help better connect the energy market, ensuring that the UK can decarbonise as quickly and simply as possible.
The acquisition of CloudKB also coincides with the year anniversary since our investment into Correla.
We acquired the Solihull-based business in March 2021. Correla is the only technology service provider with end-to-end visibility of the UK’s gas network, and enables access to this data through a real-time, visual and interactive analytics dashboard – enabling customers to monitor the impact of Carbon reduction programmes and drive efficient energy usage.
Over the last twelve months, Correla have focussed on maintaining high levels of customer service, delivered operational efficiencies throughout the business, and have begun to build out the product and service propositions through investing in data platforms.
The business has also focused on investing in people, with CFO Mark Naylor joining Correla in August 2021 and Chief Revenue Officer Randall Bowen joining in March 2022. Both Mark and Randall are critical hires for the business as it seeks to deliver its ambitious growth targets, with Randall leading the commercial strategy and expansion into new markets alongside CEO Sian Jones.
In addition, Correla has made several ESG commitments and embedded environmental sustainability practices into the heart of the business. The business has committed to become Carbon Plus by 2025, signed up to the Mindful Employer Charter alongside NorthEdge and has become an accredited Disability Confident Employer.
Sian Jones, CEO of Corella, said: “It has been a fantastic year of growth for us. NorthEdge have continued to support us to create an exciting, innovative, and forward-thinking business that enables us to deliver an exceptional experience for even more customers and continue to be a great place to work for our employees.
“As well as all the progress we have made in the core business, the acquisition of CloudKB is a hugely important step for Correla. Together, we have the teams, technology, and knowledge to drive the industry forward – accelerating the adoption of smart meters, electric vehicles and heat pumps in the UK.”
Jon Pickering, Partner and Head of New Business at NorthEdge, said: “We have enjoyed working with the Correla team over the last twelve months, encouraging growth and innovative thinking through our experience of investing in the energy and utilities sector over the last ten years.
“This acquisition is an important milestone for the business as it begins to diversify into alternative energy markets. We look forward to seeing the business continue to grow over the coming years, both organically and through further strategic acquisitions, and are proud to be supporting the UK energy sector move towards a net zero future alongside Correla.”