EnerNOC to acquire EnTech EnerNOC announced that it has entered into an agreement to acquire EnTech. EnTech's software is currently deployed in over 100 countries, including many of the world's fastest growing economies, such as China, India, and Brazil. EnTech generates approximately $10M in revenue annually and has offices in eight countries. It is headquartered in the United Kingdom and operates a software development center in Mumbai, India with approximately 100 employees at that location. The transaction is expected to close in April.
EnerNOC price target lowered to $24.50 from $30 at Canaccord Canaccord lowered its price target on EnerNOC to $24.50 from $30 ahead of Q3 earnings. The firm sees regulatory concerns continuing to impact investor sentiment and believes M&A must be deployed near term to broaden the company's Energy Intelligence Software strategy. Canaccord maintains its Buy rating on EnerNOC shares.