IBM and VELCO’s Creation of Utopus Insights
March 02, 2017
On February 24, 2017, IBM and Vermont Electric Power Company (“VELCO”) announced the creation of Utopus Insights, Inc., a new company based in Valhalla, New York, that will strive to be a leading provider of the next generation of intelligent energy solutions. Cravath is representing IBM in connection with the transaction. Financial terms were not disclosed.
Under an agreement between IBM Research and VELCO, IBM Research’s Smarter Energy team, as well as related intellectual property and technology, will become part of Utopus Insights. VELCO, an electric transmission company owned by in‑state electric distribution companies, will be an investor and strategic partner of the new company. Utopus Insights will combine industry experience with analytics to convert data into actionable insights, with the goal of creating dependable, industry‑tested software to meet the growing customer demand for reliable, clean and cost‑effective energy.
The Cravath team is led by partner George F. Schoen and includes associates Margaret R. M. Rallings, Brendan M. Cottington and Megan E. Fitzgerald on corporate matters; partner J. Leonard Teti II and associate June Hwang on tax matters; and practice area attorney Romica Singh on executive compensation and benefits matters. Andrew L. Mandelbaum also worked on tax matters and Sally Ye also worked on executive compensation and benefits matters.
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