SolarEdge Technologies (NASDAQ: SEDG) shares climbed in Tuesday's session, while it is down around 0.46% premarket Wednesday after the company said it has entered into an agreement to acquire Hark Systems.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Leeds, UK-based Hark Systems was founded in 2016 and offers a Software as a Service (SaaS) Internet of Things (IoT) platform that lets businesses and asset operators connect, analyze and optimize industrial assets and energy in their commercial sites.
Top Broker Recommendation
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- Admiral Markets More than 4500 stocks & over 200 ETFs available to invest in – Read our Review
- Hargreaves Lansdown The company's website is easily understandable and accessible to a wide range of customers – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
SolarEdge said the acquisition of Hark, which is expected to close in the second quarter of 2022, is anticipated to enable it to offer its commercial and industrial customers expanded capacities in energy management and connectivity. These expanded capabilities include detecting anomalies in assets' energy consumption, identifying potential energy savings, and optimising energy usage and carbon emissions via load orchestration and storage control.
They added that Hark's technology allows for rapid deployment and commissioning across multiple sites. Hark's current customer base comprises various industries, including large supermarket chains in the UK.
Zvi Lando, the CEO of SolarEdge Technologies, said Hark's SaaS platform will enable the company to grow its “extensive commercial and industrial energy management portfolio and offer additional services.”
“Coupled with our smart energy solutions, Hark's advanced technological capabilities can provide enterprises with greater transparency and control of their energy usage and carbon emissions,” he added.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.