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Press Release

Software Leaders' Merger Aims to Give Energy Brokers Best Single Technology Platform

The new Powermatrix set to revolutionize broker, third-party and supplier software and communications in retail energy.

Jun. 25, 2019 / PRZen / HOUSTON -- Two energy business software leaders -- Energy Frameworks and Powermatrix --  announced their merger effective Monday, July 1, creating the "largest collection of brokerage firms under a single technology platform in the world," company officials announced.

The new company will be called Powermatrix and will have 50 employees serving more than 100 brokerage first customers, according to the announcement. Company officials say the merger will combine  the best of each company's signature platforms into a single unified product.

"I have seen the growth of Powermatrix over the past three years and have always had respect for what they have accomplished," said Nate Richards, CEO of Energy Frameworks, the software company whose brainchild CORE put the company on the map.

According to the announcement, CORE is the longest-running and largest operational efficiency tool for deregulated energy brokers. By both customer count and transacted volumes it had more than 4.0 TWh in 2018.

"From the beginning of Energy Frameworks, our vision was to be a catalyst for efficiency in retail energy transactions," Richards said. "I saw an opportunity to partner with Powermatrix and powerfully accelerate the achievement of this shared vision.

"I am more confident than ever that, together, we will create massive efficiencies for our collective customers and be well positioned to transform the retail energy industry," he added.

Headed by Deepinder Singh and Jason Beck, Powermatrix operates a similar operational efficiency platform, Sparkplug, serving deregulated energy brokers since 2016. Over the past  three years, Sparkplug has amassed more than 50 energy brokerage customers.

"In my 13 years in deregulated energy working for Constellation, AEP and Source Power & Gas, I have seen, firsthand, the issues that manual processes cause our industry," said Beck. "With this merger, our combined organization serves over 10% of U.S. brokerage firms with much more growth ahead of us.

"Further, with the Q3 release of our supplier software Propeller and our unique API-based data exchange process, we will create the easiest and most seamless way for third parties, brokers and suppliers to communicate using their existing IT infrastructure." Beck added.

Energy Frameworks Richards seemed bullish on next Monday's merger, calling it unprecedented.

"Our merger represents an unprecedented consolidation of the channel around a single technology platform, creating a de facto standard," Richards said. "This results in huge opportunities for suppliers and brokers alike to reduce costs through seamless data exchange."

About Powermatrix

Powermatrix' mission is to infuse accuracy, speed, and access to data into the Broker & Retail Electric Supplier ecosystem, making it easier to transact, operate and form stronger relationships with partners and end clients. We do this by leveraging the latest in technology and our in-depth understanding of the energy sector to provide robust software solutions to businesses within the energy industry. We are firm believers of the "cogito ergo sum" philosophy and strive to come up with innovative concepts to help our clients thrive in the market. For more information, visit https://powermatrix.energy/

About Energy Frameworks

Energy Frameworks' mission is to be on the cutting edge of the energy industry in order to develop state-of-the-art technology solutions. Our retail energy sales cloud connects brokers, suppliers, utilities, energy managers, and end users to streamline the energy procurement and management process. By assembling all players together on one cloud-based platform, we are able to achieve efficiencies not otherwise possible. For more information, visit https://energyframeworks.com/

As first reported by Energy Pages - https://energypages.com/software-leaders-merger-aims-to-give-energy-brokers-best-single-technology-platform

Follow the full story here: https://przen.com/pr/33302881

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