Article - Greenbyte

July 27, 2021 — Press Releases

Power Factors to Be Acquired by Vista Equity Partners

Leading Renewable Energy Asset Performance Management Software Provider Enters New Phase of Growth to Drive the Global Transition to Clean Energy

SAN FRANCISCO, Calif., July [27], 2021 – Power Factors LLC,(the “Company”), the global leader in renewable energy asset performance management software, today 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.

About Power Factors, LLC

Power Factors provides scalable, reliable performance management solutions to over 200 utility-scale owners, operators and independent power producers, and monitors over 110 gigawatts of wind, solar and energy storage assets worldwide. Our mission is to deliver software and services to make renewable energy the world’s leading power generation source. Power Factors consolidates multiple operational data sources, asset hierarchies and metadata frameworks to create a single cloud-based remote asset management platform that works with today’s large-scale portfolios. With embedded connections to maintenance workflows, Power Factors streamlines process, reduces costs and increases ROI of assets. Power Factors’ Implementation and Customer Success services ensure that its customers realize value from Power Factors’ platform quickly and throughout the lives of their renewable energy assets. Learn more at pfdrive.com and follow us on LinkedIn and Twitter.

About Vista Equity Partners

Vista is a leading global investment firm with more than $77 billion in assets under management as of March 31, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

About Quantum Energy Partners

Quantum Energy Partners, founded in 1998, is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. To learn more, visit www.quantumep.com.

About Global Reserve Group 

Global Reserve Group was established in 2012 by Jeffrey Harris following a 29-year career at Warburg Pincus.  Power Factors represents the tenth investment supporting innovative companies serving the energy ecosystem that GRG has made in partnership with Quantum Energy Partners. To learn more, visit www.globalreservegroup.com.

About Energy Impact Partners

Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 50 professionals based in its offices in New York, San Francisco, Palm Beach, London, and Cologne. For more information on EIP, please visit www.energyimpactpartners.com.

Media Contacts:

For Power Factors

Richard Matthews

richard.matthews@tamarindogroup.com 

+44 (0) 7830 637944 

For Vista Equity Partners

Dafna Tapiero

vista@laurelstrategies.com

+1-202-776-7776

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