eSmart Systems and Verico join forces to strengthen international scale-up platform

eSmart Systems, a leading provider of grid inspection AI-powered software, is pleased to announce the combination with Verico, a Norwegian company offering specialized Enterprise Asset Management services and products to the utility sector.

“Verico has more than 20 years of experience helping especially energy clients with establishing and maintaining digital asset information through extensive usage of high data quality and visualization of asset information. They have an in-deep understanding of customer needs, both at a technological and operational level. By joining forces, we strengthen the scale-up platform further, and this is an important step towards our goal of becoming the number one global enterprise in the market for AI-supported inspection of infrastructure,” says Knut H. Johansen, CEO of eSmart Systems.

Since its inception in 1999, Verico has successfully completed demanding projects for Transmission System Operators (TSO) such as Statnett SF in Norway and TenneT BV in The Netherlands, as well as several regional utility companies both in Norway and internationally. eSmart Systems builds and delivers next-generation software solutions to leading utilities in Europe and US, by combining the use of drones with AI for powerline inspections, grid maintenance planning and to optimize energy flexibility.

“We have a high degree of complementary competencies, services and clients. This enables the combined company to offer AI-supported products and services at an industrial scale”, says Knut H. Johansen.

Verico will complete eSmart’s existing offering with field apps for data collection, web-based software for visualization of asset information and APIs for integration with legacy systems, in addition to bringing deep asset inspection domain knowledge.

“There is a strong strategic rationale for eSmart and Verico to unite, including the ability to offer-end-to-end services and addressing more of the power grid. There is also a perfect business culture fit and we have already identified several specific joint opportunities. We look forward to growing our business together,” says Vidar Blomvik, CEO of Verico.

The combined company had total revenues of NOK 111 million in 2020 and 108 employees at offices in Norway (Halden, Sandefjord, Oslo and Stavanger), Sweden, Germany, UK, The Netherlands, Sri Lanka and the US.

About eSmart Systems

eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. With our software solution, Grid Vision™, we revolutionize how Power Utilities operate and maintain their transmission and distribution networks. eSmart Systems offers a data-driven and condition-based approach to infrastructure inspections that can be managed from one single platform. We support companies worldwide by ensuring reduced costs, safer inspections, and prolonged asset life. For more information, please visit www.esmartsystems.com.

About Verico

Verico offers specialized services and products within Enterprise Asset Management. Our references within the utility sector span industries like electric power generation and distribution, gas distribution and other utilities. In addition to our unique photography-based data acquisition and quality assurance service, Verico provides services within asset data modelling, asset documentation, software development and integration, project management and more. Verico was established in 1999 and is headquartered in Ipark, Stavanger, Norway. For more information, please visit www.verico.com.