AlertMe, the Cambridge-based company behind the technology that powers the Hive Active Heating system sold by British Gas has just been acquired by British Gas itself. Originally holding an investment of around 20%, British Gas has now bought the entire outfit for around $100m. As AlertMe only has two large customers, British Gas itself and Lowe, in the US, it is unclear whether British Gas aims to use the platform and technology for its own energy customer base. However in a press release, Mary Turner, chief executive of AlertMe, said: “We are excited to move forward with British Gas, with an opportunity to roll out service for tens of millions of homes, and to realise our ambition for further global distribution,” implying wider ambitions for British Gas. While the £65m price tag is high for a Cambridge start-up it is approximately 3% of what Google paid for Nest, clearly appearing to be better value.
