Listed energy giant Centrica has completed the acquisition of Nottingham tech firm ENSEK.
It marks an exit for LDC, the private equity investor which is part of Lloyds Banking Group.
ENSEK, founded in 2010, is a provider of digital transformation services in the energy sector and is behind Ignition, a billing and customer account management platform.
The transaction was subject to regulatory approvals and completed in September 2024. Financial details are undisclosed.
Centrica’s acquisition builds on the strategic partnership agreed between the companies in August 2021.
LDC originally backed the management buyout of the business, led by CEO Jon Slade, in 2017, providing capital to support its new product development and growth plans.
“LDC shared our vision and ambition from the outset, and supported us through some fundamental changes in the energy supply market,” said Slade.
“Joining Centrica, we have the opportunity to leverage our platform and team’s expertise to broaden our reach and deliver exceptional outcomes for customers.”
David Bains, partner and head of East Midlands & East of England at LDC, added: “Jon and the team at ENSEK have continually evolved and expanded their SaaS platform over the last seven years in response to rapidly changing dynamics in the energy supply market, building a market-leading proposition in the process.
“We are proud to have been part of building such a successful business with impressive annual recurring revenues. As an international business with deep energy expertise and a highly complementary service portfolio, Centrica provides the perfect strategic home for the business.”