SpryPoint Partners with Norwest to Fuel Growth of Cloud-Native Solutions for Utilities

SpryPoint, a leading provider of enterprise Software as a Service (SaaS) solutions to the utility industry, announced it has received a strategic investment from Norwest, a leading venture and growth equity investment firm. With this investment, SpryPoint will build on its significant business momentum over the past three years, expanding its team and positioning the company to continue increasing market share of its mission-critical, cloud-native solutions for smart utilities.

“We started SpryPoint in 2011 with a very clear and simple goal: to bring cloud-based enterprise software to the utility market to improve the lives of our customers and their consumers,” said Keir Pollard, SpryPoint’s founder, Managing Partner and CTO. “We have effectively led this evolution, developing and delivering advanced solutions that help utilities address the changing expectations of their customers. We look forward to working with Norwest as we continue to accelerate our innovation and extend our leadership in the utility technology market.”

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Utilities are at an inflection point as they adopt smart grid and distributed generation models, while simultaneously seeking to improve customer engagement and embrace mobility. However, utilities face significant challenges in adapting traditional software solutions to meet their new marketplace reality.

SpryPoint helps utilities evolve and optimize performance with its cloud-native customer service and operations platform. SpryPoint’s approach enables smart utilities to standardize on the platform for key customer services and operational needs, while leveraging native interoperability to connect with other information technology (IT) and operational technology (OT) systems in their technology stack.

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SpryPoint’s SaaS model has been adopted by progressive utilities across the United States and Canada. The company has seen 100% growth over the past three years, while operating profitably. Demand for SpryPoint’s cloud-native solutions, including its customer information system (SpryCIS), has resulted in the company gaining significant traction upmarket. The flexibility of the platform enables utilities of all sizes – including those serving populations of over 400,000 – to dynamically support customer service and operations.

“Evolving consumer expectations, dynamic energy pricing, electric vehicles, security threats and physical infrastructure advancements are pushing legacy utility customer information systems (CIS) to the brink. SpryPoint is delivering critical innovation to the market with the industry’s leading cloud-native CIS platform,” said Ran Ding, Partner at Norwest. “With an impressive history as a bootstrapped company, SpryPoint has catapulted to the forefront of the utilities CIS market. We are excited to partner with SpryPoint in the long-overdue revolution of the utility software market.”

SpryPoint’s core leadership team will remain, with Kyle Strang assuming the role of CEO. Keir Pollard will continue as CTO, along with Ryan Cawley as Vice President of Business Development and Kevin Clancy as Senior Vice President of Services.

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