Blackstone To Acquire Irth Solutions, A Leading Software Services Provider
Blackstone announced that Blackstone Energy Partners has agreed to acquire Irth Solutions (“Irth”). Irth is a leading provider of cloud-based software-as-a-service (“SaaS”) solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Additionally, Irth collects and analyzes operational and environmental data and runs risk management analytics for its blue-chip customer base across the energy, utilities, telecom and media end-markets. Its products and services support electric grid resiliency, electric vehicle penetration, 5G infrastructure build-out, emissions reduction efforts and help improve the safety and efficiency of pipeline operations. The acquisition of Irth continues Blackstone Energy Partners’ focus on investing in companies that support critical infrastructure and the global energy transition.
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Kush Patel, Managing Director at Blackstone, said: “Irth is well-positioned to benefit from the tailwinds impacting each of the company’s end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends.”
Brad Gammons, CEO of Irth Solutions, said: “The entire team is thrilled to have the support of Blackstone and their resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly look to scale and strengthen our services and capabilities.”
Bilal Khan, Senior Managing Director at Blackstone, said: “Irth is the latest in a series of investments we’ve made in companies helping to strengthen our electrical grid and enable more sustainable operations – critical elements of the energy transition.”
Following the acquisition, Irth Solutions will retain its name and continue to operate independently as a Blackstone portfolio company. The transaction is subject to customary closing conditions and is expected to close by the end of December. Lazard and Lincoln International acted as financial advisors to Irth, and Ropes & Gray acted as the company’s legal advisor. Kirkland & Ellis served as legal advisor to Blackstone.
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