Vista Equity Partners has signed a definitive agreement to acquire Power Factors LLC, a global provider of renewable energy asset performance management software. Vista’s involvement will continue to fuel product innovation and enable Power Factors to serve a wider range of renewable energy customers as renewable energy generation is rapidly adopted on a global scale.

Vista’s backing follows Power Factors’ acquisitions of Greenbyte AB and 3megawatt GmBH earlier this year.

“We are excited to partner with Vista during a period of unprecedented growth in the global renewables market, which has fueled the continued expansion of our business,” said Gary Meyers, CEO of Power Factors. “Our software helps customers accelerate the global clean energy transition by lowering the levelized cost of renewable energy. Partnering with Vista will provide the resources and enterprise software expertise necessary to scale our business and help our customers as they grow their portfolios and meaningfully advance the global adoption of renewables.”

“As the world transitions to renewable energy sources, owners and operators of these assets – which include utility-grade wind turbines and solar arrays – need them to perform optimally, and Power Factors has built a strong business helping them do just that,” said Patrick Severson, senior managing director and co-head of Vista’s foundation fund. “Our investment in Power Factors is an attractive opportunity in a market with significant secular tailwinds and reflects our own sustainability mission – Vista has been carbon-neutral since 2019 and is a proud member of the Net Zero Asset Managers Commitment. We look forward to partnering with Gary and the Power Factors team to accelerate the global transition to renewable energy.”

Q-GRG Ventures, a partnership between Quantum Energy Partners and Global Reserve Group, and Energy Impact Partners, a global investment platform leading the transition to a sustainable energy future, also participated in the transaction.

William Blair & Co. served as the lead financial advisor and Lincoln International served as co-advisor to Power Factors and Greenberg Traurig, LLC provided legal counsel. Lazard served as financial advisor and Kirkland & Ellis LLP provided legal counsel to Vista.