Solar asset management software provider Power Factors has announced a definitive agreement to be acquired by Vista Equity Partners. 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. 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.”
