Power Factors to be Acquired by Vista Equity Partners
Power Factors LLC, (the "Company"), the global leader in renewable energy asset performance management software, announced a definitive agreement to be acquired by Vista Equity Partners ("Vista"). Vista's involvement will continue to fuel product innovation and enable Power Factors to serve a wider range of renewable energy customers as renewable energy generation is rapidly adopted on a global scale.
Power Factors provides owners and operators of renewable energy assets with mission critical enterprise software for asset performance management, commercial asset management, workflow management and analytics. The Company provides scalable, reliable performance management solutions to over 200 utility-scale owners, operators and independent power producers, and manages over 110 gigawatts of wind, solar and energy storage assets worldwide. Power Factors' flagship software platforms - Drive, Greenbyte and 3megawatt's BluePoint - help customers manage complex portfolios of renewable energy assets, optimize revenue and energy output, and reduce manual service and monitoring costs.
Vista's backing will enable Power Factors to build on significant commercial momentum following its acquisitions of Greenbyte AB and 3megawatt GmBH earlier this year.
"We are excited to partner with Vista during a period of unprecedented growth in the global renewables market, which has fueled the continued expansion of our business," said Gary Meyers, CEO of Power Factors. "Our software helps customers accelerate the global clean energy transition by lowering the levelized cost of renewable energy. Partnering with Vista will provide the resources and enterprise software expertise necessary to scale our business and help our customers as they grow their portfolios and meaningfully advance the global adoption of renewables."
"As we look to the future, our partnership with Vista will enable continued innovation and product development, as well as investment in our workforce to ensure that we continue to attract the industry's top talent," added Meyers. Additionally, Power Factors plans to invest in new technology and platform enhancements and expand its industry-leading customer success team to ensure the Company can extend its market leadership and continue to exceed customer expectations.
"As the world transitions to renewable energy sources, owners and operators of these assets - which include utility-grade wind turbines and solar arrays - need them to perform optimally, and Power Factors has built a strong business helping them do just that," said Patrick Severson, Senior Managing Director and Co-Head of Vista's Foundation Fund. "Our investment in Power Factors is an attractive opportunity in a market with significant secular tailwinds and reflects our own sustainability mission - Vista has been carbon-neutral since 2019 and is a proud member of the Net Zero Asset Managers Commitment. We look forward to partnering with Gary and the Power Factors team to accelerate the global transition to renewable energy."
Q-GRG Ventures, a partnership between Quantum Energy Partners and Global Reserve Group (GRG), and Energy Impact Partners, a global investment platform leading the transition to a sustainable energy future, also participated in the transaction.
William Blair & Company served as the lead financial advisor and Lincoln International served as co-advisor to Power Factors and Greenberg Traurig, LLC provided legal counsel. Lazard served as financial advisor and Kirkland and Ellis LLP provided legal counsel to Vista. Financial terms of the transaction were not disclosed.
Power Factors | pfdrive.com
Vista Equity Partners | vistaequitypartners.com
Quantum Energy Partners | www.quantumep.com
Global Reserve Group | www.globalreservegroup.com
Energy Impact Partners | www.energyimpactpartners.com
