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This Research Note examines Smartvatten, a Finnish specialist in water efficiency technology in Northern Europe which currently monitors, measures, and analyzes the water consumption of 7,500 companies in more than 20,000 properties and 200,000 apartments in 36 countries.
Established in 2013, Smartvatten, formerly known as Envera, has grown from a small Finnish company providing energy certificates to a hardware-enabled SaaS company providing algorithm-based software analysis of water consumption data.
They take data from mechanical, digital, and IoT-enabled water meters in a cloud environment to identify consumption patterns and detect leakages. The company has more than 120 employees in 8 countries and offices in Finland, Sweden, Norway, Denmark, the Netherlands, and Germany.
Smartvatten Norvestor Ownership
In February 2021, Norvestor, a leading private equity firm focusing on mid-market buyouts in the Nordic region, acquired a 60% majority stake in Smartvatten. Since then;
- Revenue has grown from EUR 4 million in 2020 to EUR 12 million in 2022 and EUR 14 million in 2023, driven by both organic growth and acquisitions.
- The number of properties deploying Smartvatten solutions has more than doubled in the last three years.
- The company has expanded in the Nordics, Benelux, and Germany.
- Smattvatten made a strategic shift from single-property to multi-property customers and completed two add-on acquisitions in 2022.
VertoNordic Acquisition
In March 2022, the acquisition of VertoNordic Oy enabled Smartvatten to expand its services from main water meters to unit-specific monitoring of submeters and scale up to multi-occupancy buildings. VertoNordic Oy is the market leader in Finland for household-specific water metering systems, with more than 35 years of experience.
Smartvatten can now offer clients more detailed data and alerts and can also help them fulfill EU requirements for consumption-based billing and prepare for future sustainability legislation.
Neuroflux Acquisition
In May 2022, Smartvatten acquired Neuroflux, a small Finnish software company specializing in the management of wastewater networks. Smartvatten has consequently expanded its services to the water utility customer segment.
Founded in 2018, Neuroflux has developed a cloud service that enables water utilities to combine, visualize, and analyze data from the existing wastewater network. The service uses machine learning to identify leaks and real-time alerts, reduce overflows and help water utilities optimize efficient functioning.
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.
Smartvatten’s unified Water Data as a Service helps real estate asset managers, property portfolio owners, and tenants to save water, and reduce their operational costs.
This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.
