Renovate America, the largest provider of clean energy financing for an initiative called PACE, announced Wednesday that it had acquired CakeSystems, a Portland-based software provider for home energy modeling.
The acquisition was Renovate America's first. Terms of the deal, which closed Monday, were not disclosed.
CakeSystems' software has been used by entities including the U.S. Department of Energy, the U.S. National Renewable Energy Laboratory, the Lawrence Berkeley National Laboratory and the California Public Utilities Commission, Renovate said in a statement.
The company was purchased from its parent, Earth Advantage, a nonprofit which now becomes a reseller of CakeSystems' software. Renovate acquired CakeSystems' intellectual property and its codebase, the collection of source code used to build its software.
J.P. McNeill, CEO of Renovate, said the acquisition has "immediate and long-term strategic value."
The software will enhance Renovate's platform by improving reporting of the company's impact on energy use and pollution, he said.