M&A

GridBeyond snaps up Nasdaq-listed Veritone’s energy business

Kildare-based company says multimillion-dollar acquisition will strengthen its position in US market as it eyes further expansion

Michael Phelan, founder, GridBeyond: ‘Organisations are keen to know more about reducing costs.’ Picture: Fergal Phillips

GridBeyond has made its first acquisition, snapping up the energy business of Nasdaq-listed Veritone in a multimillion-dollar deal.

Although no figures relating the deal have been publicly disclosed, Veritone earlier this year announced plans to divest the business as part of a strategy to raise between $12 million and $15 million in savings.

Founded in 2007 by Michael Phelan, Kildare-based GridBeyond is a smart energy company that last year secured €6 million in debt financing ...