Accenture and Siemens have entered into an agreement to form a joint venture in the smart grid field that will work with utilities to improve energy efficiency, grid operations and reliability.

The new company, named Omnetric Group, will provide the energy industry with advanced solutions and services focused on data management and systems integration. These solutions will integrate operational technologies – such as distribution management and real-time grid operations – with IT systems supporting smart metering, energy consumption and work and asset management.

Omnetric Group will bring together Siemens’ products and solutions; Accenture’s management and technology consulting, systems integration and managed-services capabilities. The companies’ IT and operational technology solutions and extensive experience in the energy industry will help address a range of challenges faced by energy utilities around the world.

Jack Azagury, global managing director for Accenture Smart Grid Services, said, “Utilities are seeking ways to increase capital effectiveness and reduce their costs of operations while integrating new technologies such as distributed renewable generation and electric vehicles into their electricity networks. Doing so requires an enterprise view of systems and data through the integration of traditional IT solutions with the operational solutions required to manage the grid. Omnetric Group will be uniquely positioned to help utilities realize the benefits of this IT and OT ‘convergence,’ which is a critical step toward managing an increasingly complex and data-driven utility.”

Omnetric Group will begin operations pending regulatory approval and other customary closing conditions. The company will be headquartered in Munich, operating initially in Europe and the United States. Omnetric Group plans to employ approximately 100 people in its first year, with further global expansion planned in the future.

Financial details of the agreement are not being disclosed.