Blackstone to Acquire Leading Software Service Provider Irth Solutions | Business and finance
NEW YORK & COLUMBUS, Ohio – (BUSINESS WIRE) – December 1, 2021–
Blackstone (NYSE: BX) announced today that Blackstone Energy Partners has agreed to acquire Irth Solutions (“Irth”). Irth is a leading provider of cloud-based software as a service (“SaaS”) solutions that automate damage prevention and asset protection processes on critical network infrastructure assets. In addition, Irth collects and analyzes operational and environmental data and performs risk management analyzes for its blue chip customers in the energy, utilities, telecommunications and media end markets. Its products and services support power grid resilience, electric vehicle penetration, construction of 5G infrastructure, emission reduction efforts, and help improve the safety and efficiency of pipeline operations. The Irth acquisition continues Blackstone Energy Partners’ focus on investing in companies that support critical infrastructure and the global energy transition.
Kush Patel, Managing Director of Blackstone, said, “Irth is well positioned to take advantage of favorable winds that impact each of the company’s end markets. Irth can be a key partner for electric utilities, telecommunications companies and energy infrastructure operators as they improve and expand their operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends. “
Brad Gammons, CEO of Irth Solutions, said: “The entire team is delighted to have the support of Blackstone and its resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly seek to evolve and strengthen our services and capabilities. “
Bilal Khan, Senior Managing Director of Blackstone, said: “Irth is the latest in a series of investments we have made in companies that help strengthen our power grid and enable more sustainable operations – critical parts of energy transition. “
Following the acquisition, Irth Solutions will retain its name and continue to operate independently as a Blackstone portfolio company. The transaction is subject to customary closing conditions and is expected to be finalized by the end of December. Lazard and Lincoln International acted as financial advisers to Irth, and Ropes & Gray as legal counsel to the company. Kirkland & Ellis acted as legal counsel to Blackstone.
Terms of the transaction were not disclosed.
About Blackstone Energy Partners
Blackstone Energy Partners is the energy-focused private equity firm of Blackstone, a leading energy investor with a long-term successful track record, having invested more than $ 20 billion of equity capital globally in a wide range of sectors of the energy industry. Our investment philosophy is built on supporting exceptional management teams with flexible capital to deliver solutions that help energy companies grow and improve their performance, thereby providing cleaner, more reliable and affordable energy to meet to the needs of the global community. In the process, we build stronger, larger-scale businesses, create jobs and generate sustainable value for our investors, employees and all stakeholders.
Irth Solutions, headquartered in Columbus, Ohio, is the leading provider of cloud-based asset protection solutions to improve the resiliency of critical asset infrastructure, including its flagship 811 ticket management solution. Customers have trusted Irth Solutions for decades to manage and reduce risk, lower costs, increase revenue opportunities and ensure regulatory compliance. Artificial intelligence and analytics provide additional information for the early detection of emerging issues. Irth Solutions has helped hundreds of customers do the work that is most important to their success in a world where security, resiliency and reliability are paramount.
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Copyright Business Wire 2021.
PUB: 12/01/2021 07:30 / DISC: 12/01/2021 07:32
Copyright Business Wire 2021.