NEWARK, N.J.--(BUSINESS WIRE)--IDT Energy, a leading retail energy provider serving residential and small business customers primarily in the Northeast, said today that it will acquire Dallas-based Diversegy, LLC., a retail energy advisory and brokerage company that serves commercial and industrial customers, and its network marketing channel, Epiq Energy, that provides independent representatives with the opportunity to build sales organizations and to profit from both residential and commercial energy.
“Through Diversegy and Epiq Energy, we have acquired access to two new customer acquisition channels, and expanded our geographic reach beyond our current service area,” said Geoff Rochwarger, CEO of IDT Energy. “We expect these channels will complement our existing retail energy business by creating opportunities for new customer acquisitions and long term growth.”
Diversegy connects large commercial and industrial customers with its portfolio of competitive energy products provided by some of the industry’s leading energy suppliers. Diversegy evaluates alternative supply sources based on its customers’ usage patterns and risk profiles in order provide options that benefit their bottom lines.
Epiq Energy offers its direct marketing representatives the opportunity to earn commissions on energy supply based on the consumption of the customers they bring into the program. Epiq Energy is changing the way electricity and natural gas are bought and sold between energy companies and end-users.
“Epiq Energy’s network marketing platform was built by our team with many years of experience in the retail energy industry. We’ve always believed in the power of network marketing as both a viable customer acquisition strategy and a tool for Americans to build household income,” said Alex Rodriguez, Diversegy’s Chairman and CEO. “This is a great opportunity to leverage our channel expertise with an established retail energy provider who has grown its business impressively.”
“The acquisition of both Diversegy and Epiq Energy fit well into our long term growth strategy. Through Epiq Energy’s retail energy marketing program, we expect to boost our residential customer acquisition efforts. Diversegy will help us broker competitive offerings for large commercial and industrial customers beyond our current footprint,” concluded Rochwarger.
Terms of the acquisitions were not disclosed.
About IDT Energy:
IDT Energy is one of the largest retail energy providers (REP) supplying natural gas and electricity to residential and small business customers in the Northeastern United States. IDT Energy is a subsidiary of Genie Energy Ltd (NYSE:GNE). For more information, visit www.idtenergy.com or Like us on Facebook at www.facebook.com/IDT.Energy