Smartvatten, an internationally growing property water efficiency service company, has on 20 May 2022 acquired Neuroflux, a software company specialising in the management of wastewater networks of water utilities. The transaction supports Smartvatten’s goal of being the leading water efficiency service company in Northern Europe.
The cloud service developed by Neuroflux enables water utilities to combine, visualise and analyse data from the existing wastewater network. The service uses machine learning to identify leaks in the wastewater network, and real-time alerts reduce overflows and help water utilities optimise the efficient functioning of the wastewater network. The service is used in several water utilities in Finland and Sweden, such as HSY, which is responsible for water supply in the Helsinki metropolitan area.
‘With Neuroflux’s service, we can also help water utilities operate more efficiently in the future,’ says Jussi Niiniaho, CEO of Smartvatten. ‘Finnish-based Smartvatten already has customers in 29 different countries, so this is a great opportunity to export new technology to international markets,’ Niiniaho continues.
Smartvatten recently hired its 100th employee, and the group’s net sales will triple this year to around EUR 15 million. The growth is driven by the water efficiency service for properties, where the water used by the entire property can be remotely read from both the main water meters and apartment-specific submeters. In March 2022, Smartvatten acquired VertoNordic Oy, a Finnish manufacturer of remotely readable water meters. In addition to strong organic growth, Smartvatten intends to continue acquisitions.
‘We studied the market offering closely, and the feedback we received from Neuroflux’s service was invariably excellent. We believe that together with the company’s capable team, we will be able to take our comprehensive water efficiency service to a completely new level,’ Jussi Niiniaho comments.
‘Water utilities are in a challenging situation with tightening legislation, extreme weather phenomena due to climate change, and ageing infrastructure. The acquisition will give us broader shoulders for the further development of the service and the expansion of our customer base,’ says Tuomas Koskinen, CEO of Neuroflux Oy.
The transaction has no direct impact on Neuroflux Oy’s customer contracts. With the transaction, Neuroflux’s key employees will become shareholders in Smartvatten and the business will continue as part of the Smartvatten Group. The purchase price is not public.
More information and interview requests:
Jussi Niiniaho, CEO, Smartvatten
Tel: +358 40 821 3116
Smartvatten is a fast-growing company specialising in water management with more than 110 full-time employees. The company has offices in Finland, Sweden, the Netherlands, Germany and Norway. Smartvatten monitors, measures and analyses water consumption data remotely and provides services for detecting water leaks and improving water efficiency. More than 10,000 properties in 29 countries already enjoy the benefits of Smartvatten’s services. Read more at www.smartvatten.com
Neuroflux Oy was founded in 2018 to bring new and better data analysis to the needs of water utilities. Neuroflux is a cloud service designed for wastewater network management that supports the decision-making of water utilities with versatile data analysis. www.neuroflux.fi