Tendril, a company that provides technology-based services for energy providers, recently announced it acquired specific intellectual property from Recurve, a San Francisco-based company that makes software for contractors who perform home energy audits and residential retrofits. Tendril stated that Recurve’s current employees will become part of the company's new West Coast operations and Andy Leventhal (Recurve's CEO) will join the Tendril management team. Financial terms of the transaction were not disclosed. Recurve was venture-backed and originally known as Sustainable Spaces (prior Green VC coverage available here).
The San Francisco office will be Tendril’s fourth, joining its headquarters in Boulder, Colorado, and regional offices in Boston and Melbourne, Australia. Tendril plans to continue to add software development expertise to its team by hiring additional employees in the San Francisco office to support its expanding customer base. Tendril stated that it will eventually incorporate Recurve's residential energy auditing software and analytics into its cloud platform, TendrilConnect.
"This is a very organic fit," said Adrian Tuck, CEO, Tendril. "Recurve has been providing deep residential energy auditing software for years to the home energy services and retrofit industry. We're thrilled to be leveraging Recurve’s leading building modeling analytics as part of our cloud platform. This enables us to deliver more value to our customers and to add Recurve’s software development expertise to our growing ranks."
"We’re excited to join one of the fastest growing smart energy technology companies," said Andy Leventhal, CEO, Recurve. "Tendril's cloud platform has become the clear choice for utilities, industry leading companies, and application developers to connect consumers to smart energy products and services. It's exciting to have our software integrated into Tendril's powerful platform."
Tendril was founded in 2004 and has raised at least $73 million dollars from investors VantagePoint Venture Partners, Siemens Venture Capital (SVC), Good Energies, RRE Ventures, and GE. Recurve is Tendril’s second acquisition. The company acquired GroundedPower in October 2010. Tendril CEO Andrian Tuck discusses the GroundedPower acquisition in the following video.