The new combined company Draker has also raised $8m in equity led by Austin Ventures, Harbor Light Capital Partners and other existing investors from the two companies.
Proceeds will be used to accelerate the development of the combined company’s integrated suite of monitoring, optimization, control and asset management products.
Austin Ventures partner Clark Jernigan said, "The newly combined company brings a unique range of leadership solutions to a solar industry that is increasingly focused on capital efficiency, asset performance and reducing operating costs."
Following merger, Draker CEO Charles Curtis will retain the same position in the combined company, while Solar Power Technologies CEO Ray Burgess will take on the role of president.
The combined company, which has plans for future geographic expansion, will maintain its existing operations in California, New Jersey, Texas and Vermont.
Solar Power Technologies CEO Ray Burgess said, "With this merger, the new Draker becomes the first solution provider to combine selective DC monitoring and optimization, AC monitoring, intelligent diagnostics and control in a single, cost-effective platform."
