GridPoint Charts Out M&A Course
The smart grid tech company hired an M&A pro and acquired an energy management software unit, signaling its focus on growth opportunities.
June 30, 2009
Noticing opportunities created by the Obama administration’s emphasis on energy infrastructure, GridPoint, a smart grid technology company, has hired a business development strategist.
The company’s new executive, John B. Spirtos, was previously a senior vice president of New York-based Comverse Technology, a telecom and software company. In his new position, Spirtos will lead corporate development and strategic efforts for the company, which was founded in 2003.
GridPoint is backed by Goldman Sachs Group and Perella Weinberg, as well as a congregate of venture capital firms, including Altira Group, New Enterprise Associates, Robeco, and Susquehanna International Group. The company received $102 million in funding from its investment firms.
Spirtos is off to a good start at the well-capitalized company. On Thursday, GridPoint acquired the energy unit of Lixar, an Ottawa-based management software company. The transaction will allow GridPoint to build inroads into Canada and will serve as the platform for GridPoint enterprise software needs.
About $4.5 billion of President Obama’s stimulus bill is committed to smart grid-related projects. As such, observers expect the sectors holds significant growth opportunities.
The Arlington, Virginia-based firm named Robert Danziger, Paul Feldman, T.J. Glauthier, R. James Woolsey, and Daniel Yergin to its advisory board. The company board of advisors already includes former U.S. Senator Bill Bradley, Esther Dyson, David J. Jhirad, and William A. Nitze.
Calls placed to Lixar and GridPoint were not returned by press time.
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