The acquisition will add complementary strengths to SEW product suite and drive digital customer and workforce experience transformation for utilities, powered by AI/ML/IoT
IRVINE, Calif.- SEW, the leading provider of digital customer and workforce experience cloud platforms, announced the completion of acquisition of CHOICE Technologies ,The acquisition further enhances SEW’s capability to deliver and implement end-to-end digital customer and workforce experience platforms and provide comprehensive solutions to improve revenue protection and mitigate losses for the utilities.
SEW offers the Digital CX and WX Platform, which, when paired with Choice Technologies, will help utilities unlock the full potential of digital transformation, efficiently overhaul business processes, and achieve cost-efficiency. The two organizations are vertically aligned in terms of their core operations and products, thus enabling great acquisition synergies.
Choice Technologies is a prominent global player in Revenue Assurance for Utilities, having built its Revenue Intelligence™ platform to assist utilities reduce non-technical revenue losses and minimize operational costs. This platform is utilized by utilities, serving approximately 100 million customers, with over two million field inspections conducted and annual gains averaging $40 million USD.
Electric, gas and water utilities are seeking ways to protect their revenue and reduce waste without large capital investments. CHOICE's platforms and solutions offer innovative approaches to collect billing data either in real-time or monthly, helping to reduce losses while maintaining the same utility's OPEX, benefiting all parties involved.
CHOICE's Revenue Intelligence™ platform uses sophisticated AI and ML-based algorithms to accurately forecast fraud probability and the financial return connected to each customer. The platform enables improved revenue assurance activities such as fraud and theft prevention, meter replacement, administrative process optimization or delivering the threefold benefit of restoring lost revenues for utilities, bringing down tariffs for end customers, and decreasing energy and water usage, helping the environment.
As part of the SEW product suite, together with the industry-leading customer and workforce experience platforms, utilities will discover a winning combination of theft detection and revenue collection, by leveraging sophisticated AI algorithms that analyzes customer data to uncover hidden intelligence for utilities.
“We are delighted to welcome Choice Technologies to the SEW family. With the ever-increasing cost pressures, utilities are on the hunt for innovative and cutting-edge strategies to streamline operations and adopt digital technologies. Choice Platforms have demonstrated exceptional expertise in revenue assurance, and combined with SEW Digital Customer & Workforce Platforms, this powerful combination will open up tremendous possibilities for utilities. We are thrilled to partner and drive intelligent transformation in the energy and utility sector.”, said Deepak Garg, CEO and Founder of SEW.
About CHOICE Technologies
Choice Technologies is the worldwide leader in Revenue Assurance for Utilities, accordingly to the Northeast Group.
Back in the early 2000’s Choice founded by a group of data scientists determined to develop a robust new theft analytics solution to help utilities drive down non-technical revenue losses with little or no impact on operational costs. In 2003, this belief became a reality with the launch of CHOICE Revenue Intelligence™.
Our growing customer base sooner included one of the largest utilities in Brazil, Light, a four and a half million consumer electricity distribution utility in Rio de Janeiro. Later on Choice expanded the customer base internationally, including customers such as EPM in Colombia with six million customers and Saudi Electricity Company in Saudi Arabia with eleven and a half million customers.
Today CHOICE Revenue Intelligence™ suite of products and services is recognized as the top revenue assurance solution for emerging markets, having been deployed in +30 electric, gas and water utilities that are providing services to over 180 million people.
Learn more about CHOICE Technologies here:www.ChoiceTech.ai
SEW, with its innovative and industry-leading cloud platforms, delivers the best Digital Customer Experiences (CX) and Workforce Experiences (WX), powered by AI, ML, and IoT Analytics, to the global energy, water, and gas providers. At SEW, the vision is to Engage, Empower, and Educate billions of people to save energy and water. We partner with businesses to deliver platforms that are easy-to-use, integrate seamlessly, and help build a strong technology foundation that allows them to become future-ready.
Learn more about SEW here:www.sew.ai