Middleby has reportedly announced that they have acquired the Powerhouse Dynamics but did not disclose the amount of acquisition. According to the sources, the Powerhouse Dynamics has curated a series of the distinctive and small cloud-based Internet of Things monitoring platform called the SiteSage.
And Middleby is currently investing in the services as well as the software for developing a piece of complementary equipment to monitor offerings, increasing and deepening customer relationships and to generate never-seen-before recurring revenue streams.
Powerhouse Dynamics is based at Massachusetts' Newton. And the company came into being in the year 2008 for helping the managers to enhance the operational and energy efficiency for some of the small portfolios such as facilities, convenience stores, restaurants as well as the conventional retailers all through the SiteSage platform.
Martin Flusberg, the CEO of Powerhouse Dynamics is heading the management team. By the looks of it, Martin Flusberg has been with the firm for almost a decade. Before joining the Powerhouse Dynamics, Flusberg helmed the role of President and Co-Founder of Aclara Software. O the other hand, offering the acclaimed SiteSage, Powerhouse Dynamics also offers connected equipment as well as related services.
Judging by the facts, the investors have reportedly invested around $20.1 million in the company, and this includes SOSV, Emerald Technology Ventures, Constellation Technology Ventures, PJC, Vision Ridge Capital Partners, Massachusetts Green Energy Center.
Based on the report by market research by the worldwide equipment monitoring market has been valued at $3.23 billion in the year 2018 and on the other hand, it is projected to go up to $4.47 billion in the year 2023. The wireless technology and the decreasing cost in the Internet of Things devices. When it comes to cloud technology the North American region is said to dominate the market.
**This post was published on https://seekingalpha.com
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