Growth equity investment will accelerate BRIDGE’s Smart Grid services momentum in IT Integration and Software Solutions
MARLBOROUGH, MA , SEPTEMBER 21, 2011 —
BRIDGE Energy Group, the leading provider of next generation IT products and solutions for the Utility industry, today announced that it has received a significant expansion capital investment by Updata Partners, one of the leading technology growth equity firms nationwide. The funding is BRIDGE’s first institutional capital and marks a new milestone in BRIDGE’s rapid growth. The Company helps its utility industry customers transform their IT infrastructure to keep pace with rapidly changing energy demands and support a national Smart Grid. BRIDGE has been recognized as one of the fastest growing companies in the U.S. for two consecutive years by Inc. Magazine, and was ranked as one of the top 25 fastest growing energy sector private companies. BRIDGE has also been selected by CIO magazine for the CIO 100 Awards in recognition of its excellence in technological innovation and strategic IT solutions. Terms of the financing were not disclosed.
“Utilities are under tremendous pressure to transform their operations and future-proof an aging IT infrastructure to successfully meet the growing demand in an increasingly energy dependent world,” said Tony Giroti, CEO of BRIDGE Energy Group. “The investment from Updata Partners will help BRIDGE to continue to expand the solutions, services and value that we bring to the energy industry at this critical time.”
One of the major catalysts for the Smart Grid is increasing energy prices and the growing demand for energy, coupled with the relatively fixed capacity of power generation. The Department of Energy estimates that energy demand will increase by 20-25% in the next 10-15 years while grid capacity will only increase by 6%.
BRIDGE is one of the few energy-focused companies that offers both strategic guidance alongside IT and software solutions to help utilities understand how to leverage technology in order to meet the challenges of delivering electricity more efficiently. According to GTM Research, utilities in the U.S. will collectively spend an estimated $8.25 billion on the transformation to a Smart Grid by 2015, creating a significant demand for related IT solutions and business services.
“Increasing efficiency and responsiveness are C-level priorities for utilities, but too many solutions providers are promising the moon and coming up short. BRIDGE is delivering real results and partnering with its customers on solutions that matter,” said James Socas, Updata general partner.
“BRIDGE has a rare combination of industry expertise, practical know-how, and thought leadership to address the challenges facing utilities as we move to a Smart Grid,” added Barry Goldsmith, Updata general partner. “We look forward to working with them to create a new leader in the marketplace.”
About BRIDGE Energy Group
BRIDGE Energy Group, Inc., is the Trusted Advisor and Implementation Partner in Smart Grid IT integration services and software solutions for clients in the Utility industry. BRIDGE offers business and IT transformation strategy planning as well as program management and implementation services in support of key Market Operations, Grid Operations and Smart Grid initiatives across Generation, Transmission, Distribution, Independent System Operators and Regional Transmission Operators. BRIDGE’s software solution offerings include SOA integration server, metering, settlements, scheduling, billing software as well as conservation voltage reduction (CVR). Founded in 2004, BRIDGE is headquartered in Marlborough, MA with offices in Austin, TX; Albany, NY; Sacramento, CA; Rutland, VT; Vancouver, WA; Ottawa, Canada and New Delhi, India. For more information on BRIDGE, please contact 888-351-8999 or visit http://www.BridgeEnergyGroup.com.
About Updata Partners
Updata Partners is a leading technology-focused growth equity firm with nearly $500 million of capital under management. Updata invests in high-growth technology-enabled services, software, and digital media & commerce companies with innovative intellectual property and market-leading solutions. Led by an investment team averaging more than 20 years of experience in the technology industry, Updata seeks investments where the combination of the firm’s financial backing and the operating expertise of its partners will accelerate growth.
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BRIDGE Energy Group Press Contact:
Kerri Martinek
Director of Marketing