EnerNOC Announces Plan to Restructure its Energy Intelligence Software Business
September 23 2016 - 9:05AM
EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of energy
intelligence software (EIS) and demand response solutions,
announced today that it is restructuring its subscription-based
EIS business to refine its focus to select industry segments
and high potential customers. This move, from broad market creation
to a more targeted EIS go-to-market strategy, will materially
reduce EnerNOC’s operating expenses, including an immediate
reduction of its global workforce by approximately 15 percent.
“Over the past several years, we have made important
product-related acquisitions, developed industry-leading EIS
technology, and shaped the emerging EIS market. As a result, we are
experiencing traction within a few key industries and with dozens
of progressive enterprises that are ahead of their peers on the
energy management maturity curve,” said Tim Healy, EnerNOC’s
Chairman and CEO.
“We remain confident that forces such as increasingly common
mandates to report energy consumption, investor interest in
sustainability, and pressure to reduce energy risk throughout the
supply chain will drive a substantial long-term EIS market
opportunity. That said, we are restructuring our subscription
software business to focus on those customers who are ready to buy
in the near-term, reducing some redundancies associated with our
previous acquisition activity, and continuing to work to ensure
that we have the best EIS solution in the industry. We will
continue to invest in customer success, but by adjusting our
investment to meet the current market demand, we’ll ensure that
we’re in the strongest possible financial position as the market
matures,” continued Healy.
EnerNOC also announced today that it is reaffirming its
previously issued third quarter and full-year financial
guidance.
EnerNOC plans to provide additional details on the
restructuring in conjunction with its upcoming third quarter
earnings release in early November.
About EnerNOC
EnerNOC is a leading provider of EIS and demand response
solutions. With capabilities to better address budgets and
procurement, utility bill management, facility analysis and
optimization, sustainability and reporting, project tracking, and
demand management, EnerNOC's SaaS platform helps enterprises
control energy costs, mitigate risk, and streamline compliance and
sustainability reporting. EnerNOC also offers access to more demand
response programs worldwide than any other provider, providing
enterprises a valuable payment stream to further enhance bottom
line results and utilities and grid operators a reliable,
cost-effective demand-side resource. For more information, visit
www.enernoc.com.
Safe Harbor Statement
Statements in this press release regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or
prospects, including, without limitation, statements relating to
the Company’s future financial performance on both a GAAP and
non-GAAP basis, and the future growth and success of the Company’s
energy intelligence software and demand response solutions, may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Forward-looking statements can be identified by
terminology such as "anticipate," "believe," "could," "could
increase the likelihood," "estimate," "expect," "intend," "is
planned," "may," "should," "will," "will enable," "would be
expected," "look forward," "may provide," "would" or similar terms,
variations of such terms or the negative of those terms. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks,
uncertainties and factors referred to under the section "Risk
Factors" in EnerNOC's most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, as well as other
documents that may be filed by EnerNOC from time to time with the
Securities and Exchange Commission. As a result of such risks,
uncertainties and factors, the Company's actual results may differ
materially from any future results, performance or achievements
discussed in or implied by the forward-looking statements contained
herein. EnerNOC is providing the information in this press release
as of this date and assumes no obligations to update the
information included in this press release or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
EnerNOC Media Relations:
Sarah McAuley
617.532.8195
news@enernoc.com
EnerNOC Investor Relations:
Christopher Sands
617.692.2569
ir@enernoc.com
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