CARMA

What CARMA does

CARMA Corp is a Canadian utility submetering and managed-billing provider founded in 1977 and headquartered in Lindsay, Ontario. The company designs, manufactures, and services electronic submetering systems for electricity, water, natural gas, and thermal energy across multi-residential (condominiums, apartments), commercial (office, retail), and institutional (school boards, healthcare, government) properties in Canada and the USA, supported by five regional offices and an Ontario-based call centre serving both Canadian and US customers.

CARMA's technology stack centres on its proprietary EMP+ (Enhanced Multi-Customer Meter Plus) hardware, a compact modular multi-customer meter that supports up to 18 mechanical meters in a single panel without additional hardware. The patented EMP+ COMBINER accessory groups electrical loads by ASHRAE/LEED category to streamline compliance with green-building standards. Software layers include the CARMA METER MANAGER central energy management database, the CARMAplus+ reporting and sustainability web portal, and customer-facing Resident Account and Consumption portals. The platform processes over 11 million daily meter reads across the installed base, with end-market validation including the Toronto District School Board (591 schools, 48 million square feet) and documented consumption reductions of up to 26% in multi-residential portfolios.

The company operates three revenue streams: managed billing and collection services (administration fees, monthly on-bill charges, and cost recovery from tenants); hardware sales and installation of submetering equipment (with finance options including no-cost or purchase arrangements); and subscription-based data reporting and sustainability analytics. Customer acquisition is direct, via regional sales teams and industry association partnerships (ACMO, BOMA, CCI, Federation of Rental Housing Providers). Since TerraNova's majority acquisition in 2019, CARMA has executed four bolt-on acquisitions - Priority Submetering Solutions (2021), Spectrum Building Services (2021/2022), Undercurrent (2023), and Greensource (2024) - to extend capability into building services, energy management, and green energy solutions.

Name

CARMA

Legal name

CARMA Corp

Website

https://www.carmacorp.com/

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

101–250 employees

Short description

CARMA Corp is a Canadian utility submetering and managed billing provider serving multi-residential, commercial, and institutional properties across Canada and the USA through proprietary EMP+ hardware and managed billing services.

Ownership category

akta.pro rank

Product category

Utility Submetering and Billing Services

NAICS

Totalizing Fluid Meter and Counting Device Manufacturing (334514), Other Measuring and Controlling Device Manufacturing (334519)

SIC

Totalizing Fluid Meters & Counting Devices (3824), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Submetering & Multi-Unit Property Billing (MUDs, submeters, RUBS, landlord/tenant billing) (EUANAIAK)

Keywords

• Utility submetering systems
• Utility billing services
• Energy management software
• Condominium metering solutions
• Commercial submetering equipment

Headquarters

HQ city

Lindsay

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Billing and Collection Services: CARMA reads submeters installed at client sites and bills individual suites/tenants for actual utility consumption. The company handles the complete billing cycle including meter reading, bill generation, payment processing, and call centre support. Revenue comes from administration charges, monthly on-bill fees, and cost recovery from tenants.
2. Submetering Equipment and Installation: Sale and installation of submetering hardware including electricity submeters, water meters, natural gas meters, and the EMP+ advanced metering system. Finance options available including no-cost solutions or equipment purchase with short-term billing agreements.
3. Data Reporting and Sustainability Analytics: Provides consumption data reporting, graphical load profile representations, and sustainability reporting to support building management and green building certifications (LEEDS, ASHRAE 90.1).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

CARMA manufactures and supplies electronic submetering equipment for electricity, water, natural gas, and thermal energy, and delivers end-to-end utility billing and consumption analytics for multi-residential, commercial, and institutional buildings. The company provides the EMP+ advanced multi-customer meter, the CARMA METER MANAGER energy management platform, and the CARMAplus+ reporting portal, combined with managed billing, collection, and customer support services across Canada and the USA.

Product overview

CARMA provides a comprehensive utility submetering ecosystem combining hardware products (EMP+ advanced multi-customer meter, EMP+ COMBINER accessory) with software platforms (CARMAplus+ data/reporting portal, Resident Account Portal, Consumption Portal) and services (billing/collection, technical services). The company serves residential (multi-residential, condominium, apartment), commercial (office, retail), and institutional markets across Canada and the USA with end-to-end solutions spanning meter installation, consumption data reporting, billing services, and sustainability analytics.

Differentiator

Problem solved

Functional benefit

Brands

• CARMA Meter Manager: Submetering system that monitors and reports utility consumption across buildings.
• EMP+
• CARMAplus+

Products and services

• EMP+ Advanced Multi-Customer Meter An advanced multi-customer meter that revolutionizes traditional metering panels with streamlined installation and optimal operational efficiency. Features a compact modular design with vertical and horizontal stacking, fewer boxes, simplified conduit routing, and the ability to connect and read up to 18 mechanical meters (water, gas, thermal) without additional hardware. Used by property developers, owners, and managers across multi-residential, commercial, and institutional buildings.
• EMP+ COMBINER Accessory Patented accessory that transforms the EMP+ into a cost-effective solution to meet LEED, ASHRAE 90.1, and ASHRAE Guideline 14 requirements for measurement and verification of buildings to meet energy conservation targets. Groups electrical loads by ASHRAE/LEED category while reducing required metering hardware. Used by commercial and institutional building owners pursuing green building certification.
• CARMAplus+ Web Portal

Quantifiable outcome

• Up to 26% reduction in consumption across multi-residential portfolio
• +5 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Spectrum Building ServicescoreTechnology or IntegrationCARMA acquired Spectrum Building Services as part of major acquisitions (2021-2024), integrating their services into CARMA's submetering and billing ecosystem.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Itron Inc. Itron is a large global provider of smart utility metering, AMI networks, and data-management software for electricity, gas, and water utilities. While its primary customers are utilities rather than building owners, its metering and data platforms ultimately overlap with CARMA's measurement-and-data business and represent a potential future competitive threat from utility-side deployment.
• Schneider Electric: Schneider Electric offers a broad portfolio of commercial building energy-management, submetering (e.g., PowerLogic), and sustainability-analytics products targeting the same building owner and facility manager buyers CARMA serves. Its EcoStruxure platform increasingly bundles submetering with cloud analytics, raising the competitive bar on CARMA's CARMAplus+ portal.
• E-Mon (a Honeywell brand): E-Mon, now part of Honeywell, is an established North American submetering brand offering electric meters, communications, and reading/billing software to commercial and multi-tenant properties. It competes with CARMA on commercial electrical submetering hardware and on multi-tenant utility data services.
• Badger Meter: Badger Meter is a leading North American manufacturer of water-flow metering and AMI solutions for municipal and multi-unit applications. While primarily a hardware and AMI company rather than a billing-services provider, its water submetering products compete directly with CARMA's water submeter portfolio in commercial and residential deployments.
• Leviton Manufacturing: Leviton is a large incumbent electrical products manufacturer with a substantial submetering and energy-monitoring product line (VerifEye) serving commercial and industrial customers. While diversified beyond submetering, Leviton competes head-to-head with EMP+ in electrical submeter hardware and works with similar building/facility end users.

Direct peers

• Trinity Energy Solutions: Trinity Energy Solutions provides submetering, utility billing, and energy-management services to multi-unit residential and commercial buildings in Canada. Its bundled hardware-plus-billing operating model and target customer base overlap closely with CARMA's Multi-Residential and Commercial Solutions.
• Q Factor Submetering Solutions: Q Factor is a Canadian Measurement Canada–approved submetering and billing services provider focused on the same multi-residential, condominium, and commercial markets CARMA serves. The two companies compete directly on installation, billing, and readout services for property owners across Canada.
• Quadlogic Controls Corporation: Quadlogic is a leading US manufacturer and service provider of multi-tenant submetering systems for apartments, condominiums, and commercial properties, and is one of CARMA's closest North American functional analogues. Both companies provide measurement Canada/US-grade submeter hardware together with remote reading and tenant billing.
• EnerCare Solutions: EnerCare is one of the largest Canadian providers of submetering and utility-billing services for multi-residential properties, directly competing with CARMA across the same condominium, apartment, and commercial segments. Both companies combine meter hardware, installation, and recurring billing services for property owners.

Emerging players

• DENT Instruments: DENT Instruments is a US-based manufacturer of power and energy submetering products (PowerScout, ELITEpro) targeting commercial, industrial, and multi-tenant applications. It represents a focused, technology-led challenger with overlapping products but a more limited service/billing offering than CARMA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/carmacorp

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CARMA