BOULDER, Colo.--(BUSINESS WIRE)--Rubicon Technology Partners, a private equity firm specializing in enterprise software investments, announced that it has completed the sale of its majority stake in Uplight to a consortium of investors, co-led by Schneider Electric, AES, and a group of investors led by Huck Capital, including Coatue and Inclusive Capital Partners. Uplight is valued at $1.5 billion in the transaction. The deal was first announced in March 2021.
Uplight, a certified B Corp, is the leading software partner of energy providers transitioning to the clean energy ecosystem. Using data-driven insights to personalize and simplify the customer experience, Uplight solutions help utilities to reduce their baseload by changing consumer behavior, orchestrate grid connected devices that keep customers' bills low while adjusting in real time to changing grid conditions, and speed customer adoption of renewables, electric vehicles, and energy management solutions.
Following its investment in November 2018, Rubicon was instrumental in helping Uplight become the market leader by completing five strategic acquisitions, investing in cutting edge product development, and enhancing the company’s go-to-market capabilities, all contributing to a significant acceleration of the company’s growth as it became the leading software provider to North America’s largest electric and gas utilities.
“Rubicon has been a great partner, supporting our ambitious vision to build the leading software provider supporting the transition to the clean energy ecosystem," said Adrian Tuck, CEO at Uplight. “We greatly appreciate Rubicon's help over these past few years in guiding Uplight's success.”
Rubicon will remain a minority investor in Uplight.
“We have been fortunate to have the opportunity to build a market-leading business in partnership with Adrian and the Uplight team," said Alex Kleiner, Partner at Rubicon Technology Partners. "We are excited about Uplight's continued growth and success.”
Goldman, Sachs & Co. LLC served as Exclusive Advisor to Uplight.
About Rubicon Technology Partners
Rubicon Technology Partners invests in enterprise software companies with proven products and talented management teams to help grow and scale their businesses. Rubicon enables companies to adapt to the changing requirements of their businesses as they grow and scale using a proven set of proprietary processes, best practices and a portfolio-wide engagement model. Rubicon has over $2 billion in assets under management and is headquartered in Boulder, Colorado with additional offices in New Haven, Connecticut and Palo Alto, California. For more information, please visit www.rubicontp.com.
About Uplight
Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.