WaterSmart

About WaterSmart

WaterSmart Software provides a cloud-based analytics and customer engagement platform for water utilities, operating as a subsidiary of VertexOne since its acquisition in May 2020. The firm was founded in 2009 by Peter Yolles and Rob Steiner. Yolles, who served as CEO until 2014 and later as Chief Policy Officer, brought extensive experience in water conservation, resource management, and finance from roles at The Nature Conservancy, Western Water Company, and GE Capital. This background in water science, policy, and finance was foundational to the company's strategy.

The company's business model is primarily software-as-a-service (SaaS), charging utilities a subscription fee to access its platform. This turnkey solution is designed to integrate with existing utility systems, analyzing water consumption data to detect leaks and provide personalized conservation recommendations to end customers. By leveraging behavioral psychology and big data, WaterSmart delivers tailored communications through mail and a web portal, comparing an individual's usage to similar households to encourage efficiency. This approach helps utilities reduce operational costs, enhance customer satisfaction, and meet water conservation targets. The platform also gives customers self-service tools to track usage, set goals, and receive alerts, which helps reduce utility call volumes and delinquencies.

WaterSmart's platform serves as a digital bridge for utilities upgrading to Advanced Metering Infrastructure (AMI), allowing them to demonstrate the value of the investment to their customers. Before its acquisition, the company had raised approximately $18.6 million through multiple funding rounds, including a $4.5 million Series A in 2013 and a $7 million Series B in 2015. In May 2020, WaterSmart was acquired by VertexOne, a provider of SaaS solutions for the utility industry, for an estimated price between $40 million and $50 million. The acquisition integrated WaterSmart's analytics and customer engagement tools into VertexOne's broader suite of utility software, which spans from meter data management to billing and payment systems.