Gauge Capital has agreed to sell Irth Solutions to Blackstone (NYSE: BX)
Irth is a leading provider of cloud-based, Software as a Service solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Additionally, Irth collects and analyzes operational and environmental data and runs risk management analytics for its blue-chip customer base across the energy, utilities, telecom and media end markets. The company’s products and services support electric grid resiliency, electric vehicle penetration, 5G infrastructure build out, emissions reduction efforts and help improve the safety and efficiency of pipeline operations.
The acquisition of Irth continues Blackstone Energy Partners’ focus on investing in companies that support critical infrastructure and the global energy transition. Kush Patel, Managing Director at Blackstone, commented, “Irth is well positioned to benefit from the tailwinds impacting each of the company’s end markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts.” Brad Gammons, Chief Executive Officer of Irth Solutions, added, “The entire team is thrilled to have the support of Blackstone and their resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly look to scale and strengthen our services and capabilities.”
This transaction is a great representation of the growing investor interest and momentum in mergers and acquisitions across the industrial, energy and utility software markets. Irth is well positioned to be a leading software provider to large customers across critical network infrastructure markets, which are in the midst of a massive and enduring technology upgrade and increasingly rely on trusted partners, such as Irth, to meet their rapidly evolving needs.
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