Runway Growth Capital and BC Partners Credit, 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.