Burlington, Massachusetts, USA – Outcomes-as-a-Service forerunner, Quantela announced that it has acquired CIMCON Lighting, Inc., a leader in smart lighting and smart city technologies. This acquisition will provide Quantela with full coverage and access to the ubiquitous streetlight pole infrastructure to deploy innovative technologies and improve societal, and economic outcomes.
“The acquisition of CIMCON Lighting gives Quantela the opportunity to access the streetlight pole infrastructure used to deploy CIMCON Lighting controllers,” said Sridhar Gadhi, Quantela's Founder and Executive Chairman. “More importantly, the costs savings realized through the deployment of these controllers improves the commercial viability of the digitization business case, and therefore, improves Quantela’s ability to deliver better outcomes to customers. The acquisition will provide existing and future customers with the security of a larger company, with more economies of scale, larger and more diversified talent, plus even more valuable outcomes.”
“Quantela helps communities improve quality of life by providing technology enabled outcomes to its customers,” said Amr Salem, Quantela's CEO. “These outcomes are realised in the form of incremental revenue or cost savings. Outcomes are powered by real-time data and predictive analytics from applications like digital advertising, traffic management, smart parking, public wi-fi and waste management to help communities achieve their goals. The addition of CIMCON Lighting’s smart lighting capabilities will enable communities to immediately reduce streetlight energy consumption and maintenance costs." He added.
Quantela further supports communities through Outcomes-based Financing, a funding vehicle that helps communities invest in projects though cost savings and revenue generation from the implementation of smart technologies.
This acquisition comes on the back of US$ 40 million growth capital raised by Quantela in June 2021 from its investor Digital Alpha Advisors, LLC for funding outcome-based projects, expanding its global presence faster inorganically and creating greater impact for societies.