BRIDGE Energy Group’s Situation:
BRIDGE Energy Group, based in Marlborough, MA, had built a successful IT services business focused on providing next generation IT products and solutions for the utility industry. The company was recognized by Inc. Magazine as one of the fastest growing companies in the U.S. for two consecutive years, and was ranked as one of the top 25 fastest growing energy sector private companies. The business had an enviable list of customers, gained a high degree of industry recognition as a trusted advisor and energy systems specialist, and was reaching a critical stage in its evolution – after several years of rapid growth, the company was grappling with the challenges of continuing to scale the business. The Company’s founders were looking for a partner that could help drive BRIDGE through its next phase of development. Updata believed that the utility industry and its transformation to the smart grid presented an enormous opportunity for IT investment – a significant amount of expertise would be needed to address the smart grid’s complexity and consequently would require a more services driven solution versus out of the box, packaged software. Additionally, the Company’s domain expertise provided an offering with scarcity value and a proven track record.
In late 2011, Updata invested in BRIDGE, providing the Company’s first institutional capital. Updata’s capital provided a small amount of liquidity to the Company’s two founders and a senior executive, as well as significant growth capital to enable BRIDGE to continue to broaden its solutions and services and expand its sales team. Updata worked with BRIDGE’s founders to recruit a CEO with deep industry experience, and also helped to realign the company’s executive team and restructure key functions. Updata also assisted in developing Bridge’s market positioning and making introductions to key industry participants for partnerships and alliances.
BRIDGE has reinforced its foothold as the leading provider of next generation IT products and solutions for the utility industry and is positioned to continue rapidly growing its business.
“Updata has been a great sounding board for new ideas, and they have taken the lead when asked on important jobs for BRIDGE. I feel I can always pick up the phone and bounce around new ideas or talk through a major decision. Our relationship has been very positive for the company.”
– Dave Olsson, CEOPortfolio Page