Target Partners exits JouleX in $107m trade sale

Cisco will wholly acquire JouleX for approximately $107m in cash and retention-based incentives.

The acquisition is expected to be completed in the fourth quarter of 2013, subject to customary closing conditions.

Following the acquisition, JouleX's employees will be integrated into the Connected Energy Solutions team within Cisco's Industry Solutions Group.

Target Partners originally invested in JouleX in the company's first financing round in December 2009.

Company
Founded in 2009 in Munich, JouleX currently has research and development operations in Kassel, Germany, and headquarters in Atlanta, US.

The company provides software for network devices for enterprise and data centre energy management, analytics, policy governance and compliance.

JouleX's energy management solution provides customers with a tool to measure, monitor and manage energy usage for network and IT systems.

People
Olaf Jacobi is an investment manager at Target Partners. Faiyaz Shahpurwala is senior vice president at Cisco's Industry Solutions. David Goddard is vice president and general manager at Industry Solutions.

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