Plano-based Choose Energy, a website that offers cost-comparison service tools for energy usage, has been bought by a South Carolina-based digital advertising company.
Fortune reported that Red Ventures of Fort Mill, South Carolina, paid less than $100 million for the Plano company.
Choose Energy received buyout interest earlier this year because of its position in the connected home sector. It then began the sale process, according to Fortune.
Choose Energy, which raised $25.7 million in venture funding from Kleiner Perkins Caufield & Byers, BlueScape Resources, NGEN Partners, and angel investors, was profitable with what Fortune called “double digit millions” of revenue. The company was founded in 2008 to simplify the consumer selection process for energy plans.
Fortune said that Choose Energy fits well within Red Ventures’ assortment of online marketplaces and single-brand websites.
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