• Extend the company's reach in key vertical manufacturing sectors with its Spara energy management technology.

• Develop partnerships with OEMs and energy services firms that want to use Spara technology to connect their customers to the smart grid.

• Add channel partners in North America and internationally.

"Powerit Solutions' Spara technology is a valuable tool for smart grid connectivity, as we see in their work with Auto-DR, for example," says Rob Day of Black Coral Capital. "Unlike a lot of smart grid companies that just have good ideas, Powerit's ideas have become products that are already producing real benefits from the smart grid—customers are reducing their electricity bills and increasing operational efficiency."

"Powerit is an established leader in energy management, with active installations operating around the world," Day continues. "And we think Spara's flexible technology will integrate well with partner services and products. That will help build Powerit's value."