Funding will enable VertexOne to optimize its
platform, expand market presence, and support the acquisition of
Accelerated Innovations.
MENLO
PARK, Calif., Jan. 9, 2025
/PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading
provider of growth loans to both venture and non-venture-backed
companies seeking an alternative to raising equity, and BC Partners
Credit, today announced a $131
million financing commitment to VertexOne. BC Partners
Credit is the $8 billion credit arm
of BC Partners, an alternative investment firm with approximately
$40 billion AUM.
VertexOne has been a Runway portfolio company since December 2021 and is a leading provider of
vertical market software solutions for electric, gas, and water
utilities.
The capital will enable VertexOne to refinance existing
obligations, acquire Accelerated Innovations ("AI") for
$32.5 million, and invest in platform
enhancements to deliver transformative customer engagement
solutions.
"VertexOne's strategic growth trajectory and commitment to
innovation have been exemplary," said Greg
Greifeld, Managing Director and Deputy Chief Investment
Officer at Runway. "We are excited to provide this capital
alongside BC Partners Credit to support VertexOne's continued
success, including their acquisition of Accelerated
Innovations."
As part of the financing, Mr. Greifeld will join VertexOne's
Board of Directors.
"We are grateful for the partnership and investment from Runway
and BC Partners Credit," said Andrew
Jornod, President and CEO of VertexOne. "This funding not
only strengthens our financial position but also enables us to
deliver superior value to our energy and utility clients,
empowering them with innovative tools to improve customer
experience, operational efficiency, and sustainability
outcomes."
"VertexOne has demonstrated impressive growth and resilience
since our initial investment," said Keith
Pennell, Managing Partner at DFW Capital Partners. "This
latest financing is a testament to VertexOne's market leadership
and vision. The acquisition of Accelerated Innovations and the
deployment of additional capital will significantly enhance
VertexOne's ability to deliver advanced, customer-focused solutions
to energy and utility providers. We look forward to VertexOne's
continued success as it expands its market presence."
The acquisition is expected to strategically position VertexOne
to expand its reach in the electric, gas, and water utility markets
as well as the electric and gas retail markets. By integrating
Accelerated Innovation's technology, MyMeter, with VertexOne's
existing solutions, the company will be able to offer a
comprehensive platform that combines customer information systems
with advanced analytics, seamless billing and payment solutions,
and real-time customer engagement.
About Runway Growth Capital LLC
Runway Growth Capital
LLC is the investment adviser to investment funds, including Runway
Growth Finance Corp. (Nasdaq: RWAY), a business development
company, and other private funds, which are lenders of growth
capital to companies seeking an alternative to raising equity. Led
by industry veteran David Spreng,
these funds provide senior term loans of a target of $30 million to $150
million to fast-growing companies based in the United States and Canada. For more information on Runway Growth
Capital LLC and its platform, please visit
www.runwaygrowth.com.
About BC Partners & BC Partners Credit
BC Partners
is a leading international investment firm in private equity,
private debt, and real estate strategies. BC Partners Credit was
launched in February 2017, with a
focus on identifying attractive credit opportunities in any market
environment, often in complex market segments. The platform
leverages the broader firm's deep industry and operating resources
to provide flexible financing solutions to middle-market companies
across Business Services, Industrials, Healthcare and other select
sectors. For further information, visit
www.bcpartners.com/credit-strategy.
About VertexOne
VertexOne is the leading provider of
cloud-based SaaS solutions, powering the next generation of
customer experience for utilities, energy retailers and energy
transition providers. With more than 30 years of experience and 400
customers in the cloud, we capitalize on our deep expertise to
provide a wide range of innovative solutions for digital
transformation, revenue optimization and data-driven efficiency
operations surrounding the customer. We empower our clients to
deliver a compelling customer experience, reduce costs to serve,
increase operational efficiency and improve customer satisfaction.
For more information on how VertexOne allows you to enhance the
digital customer experience, improve revenue management and
leverage data analytics, visit www.vertexone.net.
About DFW Capital Partners
DFW Capital Partners is a
private equity investment firm focused on lower middle-market
companies. With over $2 billion under
management, the firm concentrates on service companies, with an
emphasis on outsourced business and industrial support services,
and healthcare companies. DFW has established a 20+ year track
record of success in both building companies and generating returns
for its investors. DFW is headquartered in New York, New York and maintains an office in
Chevy Chase, Maryland. Additional
information is available on our website at www.dfwcapital.com.
Forward-Looking Statements
Statements
included herein may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements other than statements of historical facts included
in this press release may constitute forward-looking statements and
are not guarantees of future performance, condition, or results and
involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in Runway's filings with the Securities and Exchange
Commission. Runway undertakes no duty to update any forward-looking
statement made herein. All forward-looking statements speak only as
of the date of this press release.
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SOURCE Runway Growth Capital LLC
