M&A advisory for energy & utilities software companies
Energy and utilities software M&A has accelerated alongside grid modernisation and the build-out of distributed energy. Strategic acquirers from the major industrial software platforms, utility technology providers and energy services groups are active, alongside infrastructure-leaning PE platforms building positions in the energy transition.
Active buyers include the major industrial software platforms expanding into utility technology, energy services groups and utility technology providers, alongside infrastructure and energy-transition PE platforms building portfolios in this space. Flow has direct access to the strategic acquirers and PE platforms that are active buyers in energy and utilities software.
Flow team has relevant sector experience and has worked with energy and utilities software companies across grid and distribution management, energy trading and risk, utility CIS and billing, DER and renewables, EV charging operations, and asset performance management.
"Energy & utilities software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing energy & utilities software M&A targets
ARR
Bookings
Implementation backlog
Net retention
Utility customers
Time to go-live
Services margin
Subscription margin
Logo concentration
Pipeline coverage
Energy & utilities software valuations in May 2026
Public energy & utilities software comps trade at 2.8x EV/Revenue. Median revenue multiple across energy & utilities software M&A deals was 2.6x in the last 12 months.
2.8x
Median EV/Revenue as of May 2026 for public energy & utilities software companies
5.0x
Nextpower is the highest valued public energy & utilities software company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across energy & utilities software M&A deals in the last 12 months
3.2x
Median EV/Revenue across energy & utilities software VC rounds in the last 12 months
Key recent energy & utilities software M&A deals
$6.0B acquisition of Enverus by Blackstone was the largest energy & utilities software M&A transaction completed in the last year.
See all energy & utilities software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Aug-25 | Enverus |  | Enverus is an Austin-based SaaS provider of data analytics and intelligence platforms for the global energy sector. The company aggregates petabytes of data on oil and gas production, renewables generation, and power markets to support asset optimization, M&A due diligence, and trading. Enverus serves over 400 energy companies including ExxonMobil and Chevron with tools like PRISM for drilling analytics and Data Platform for ESG reporting. Acquired by Genstar Capital in 2021, it operates across North America, Europe, and Asia-Pacific. | Blackstone | $6.0B | - | |
Jan-26 | ENTRUST Solutions Group | | ENTRUST Solutions Group is a Denver-headquartered provider of engineering and consulting for energy and communications infrastructure. Services cover substation design, pipeline integrity, SCADA automation, and broadband deployment for gas utilities, electric cooperatives, and telecom operators throughout North America. | Leidos | $2.4B | 3.7x | |
Mar-26 | Uplight | | Uplight is a Boulder-headquartered energy software provider formed in 2021 from mergers of Tendril, Simple Energy, FirstFuel, and EnergySavvy. The platform delivers customer engagement tools for utilities including demand response programs and energy efficiency analytics from smart meter data. Uplight serves over 100 North American utilities, managing 40 million customer accounts. | Octopus Energy Group | $1.5B | - | |
Oct-25 | PSI Software |  | PSI Software SE is a software producer in process control and information systems. Its core business consists of process control and information systems for managing energy and material flows in industries tailored to the electricity, gas, oil, and district heating sectors, engineering, automobile, and automotive supply and logistics sectors. The company's segments include Energy Management, which offers intelligent solutions for utility companies in the electricity, gas, oil, and water sectors; the Production Management segment provides solutions for planning and controlling production processes in metals production, logistics, mechanical engineering, and automotive manufacturing. It generates maximum revenue from the Energy Management segment. | Warburg Pincus | $823M | 2.5x | |
Nov-25 | Hanley Energy |  | Hanley Energy is a Dublin-headquartered provider of energy management and critical power services for data centers in Europe and the Middle East. The company delivers lifecycle maintenance for UPS systems, generators, and cooling infrastructure, serving clients like Google and Digital Realty. It operates service centers in Ireland, the UK, and the Netherlands. | Jabil | $725M | 2.1x | |
Oct-25 | RPMGlobal |  | RPMGlobal Holdings Ltd is engaged in the development of mining software solutions and professional development for the mining industry. The group has been advancing the mining industry through the provision of software solutions and deep domain expertis. The company brings together its technology, mining advisory, and professional development services to support mining clients in extracting more value at every stage of the mining lifecycle. Its segments include the Software Division and the Advisory Division. The group generates the majority of revenue from the Software Division, which offers software, including support (maintenance), training, and implementation services to mining companies. Geographically, the company operates in Australia, Asia, the Americas, Africa & Europe. | Caterpillar | $681M | 15x | |
Apr-26 | UDlive |  | UDlive supplies IoT remote sensing equipment as a leading provider in water and flood sectors. Solutions detail network and catchment operations to guide maintenance, optimization, and capital investments. | Badger Meter | $100M | 4.5x | |
Jun-25 | Broker Online Exchange | | Broker Online Exchange is a digital marketplace facilitating energy supply contracts and payment processing for brokers and suppliers. UK-headquartered, it supports gas and electricity deals with automated invoicing, meter readings, and compliance checks under Ofgem regulations. The platform integrates with systems like SAP and handles half-hourly settlements, serving brokers managing 10 TWh annually. Launched in 2018, Broker Online Exchange provides real-time pricing from suppliers such as British Gas and E.ON. | AppDirect | $85M | 2.8x | |
Jul-25 | Certrec | | Certrec is a Mineral Wells-headquartered provider of digital regulatory compliance platforms for nuclear, fossil, and renewable energy operators. The company delivers the TRAC platform for centralized documentation management and the Online Workspace for workflow automation, audit preparation, and real-time evidence tracking. Its solutions address NERC, NRC, and FERC standards through licensing support, cyber security tools, and compliance monitoring. Founded in 1987, Certrec offers managed services and expert advisory to utilities across North America, enabling plant operators and compliance teams to reduce risks during inspections. | Mirion | $81M | - | |
Jun-25 | Advantage NRG | | Advantage NRG is a consultancy focused on energy sector services from its base in Houston, Texas. The firm delivers training programs, utility management strategies, electrical transmission system expertise, and technical support for power utilities and industrial clients. It aids in grid reliability, regulatory compliance, and operational efficiency across North America. | Hercules | $20M | 1.4x | |
Jul-25 | Remsdaq | | Remsdaq is a United Kingdom-based manufacturer of SCADA remote terminal units, access control systems, and perimeter intrusion detection for critical infrastructure. The company's hardware integrates with Mobilizing software for remote monitoring of utilities, rail networks, and secure sites. Remsdaq supplies systems compliant with EN50155 standards to clients like National Grid and Eurotunnel. | Powell Industries | $15M | - | |
Oct-25 | DataTools | | DataTools is a Melbourne-based developer of data management software tailored for the Australian utilities sector. Its flagship product, DataDirector, handles meter data validation, billing integration, and customer analytics for water, gas, and electricity providers. The company supports major clients including Origin Energy and AGL Energy, processing millions of data points daily to ensure regulatory compliance under NEM standards. Established in 1994, DataTools maintains a strong presence across Australia and New Zealand with modular solutions for AMI deployments. | GB Group | $10M | 3.3x | |
Mar-26 | Rose and Associates | | Rose and Associates develops risk analysis software for exploration and production companies. Key products encompass the Prospect Risk Analysis suite's mmra, toolbox, and multi-zone master tools, alongside portfolio risk analysis, risk essentials, and portfolio essentials. Clients rely on these systems to design, implement, and maintain predictive and financial risk management. | Computer Modelling Group | $9.8M | 1.4x | |
Jul-25 | Seisware International |  | Seisware International is a Calgary-headquartered developer of geoscience software for oil and gas exploration. The company produces the GeoGraphix suite and Seisware Linux platform for seismic interpretation, velocity modeling, and attribute analysis. Serving E&P teams globally, its tools process petabytes of subsurface data for reservoir characterization. | Computer Modelling Group | $6.6M | 1.9x | |
May-25 | Synthesis Analytics |  | Synthesis Analytics is a Swedish technology firm that engineers edge computing and high-performance computing solutions for district heating systems. Based in Stockholm, it develops hardware and software to optimize energy efficiency in thermal networks across Scandinavia. The company's platforms integrate real-time data processing at the network edge to enable predictive maintenance and demand forecasting for municipal utilities. | EdgeMode | $1.8M | - |
Most active buyers of energy & utilities software companies
Eneve, Computer Modelling Group and Yes Energy are the most active acquirers of energy & utilities software companies in the last three years.
See all energy & utilities software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Eneve |  | Eneve is a platform provider for energy procurement and management in the Nordic markets. It automates tendering for electricity, gas, and certificates using data analytics for retailers and municipalities in Finland and Sweden. | NemonEnergy21Gridhub+1 | 4 | |
Computer Modelling Group | | Computer Modelling Group Ltd is a software and consulting technology company engaged in developing and licensing reservoir simulation and seismic interpretation software. The company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. The firm has operations in the Americas, Europe, Middle East, Africa, and Asia-Pacific regions. | Rose and AssociatesSeisware InternationalBluware | 3 | |
Yes Energy | | Yes Energy is a Boulder-headquartered data provider delivering real-time power market intelligence for North American electricity trading. Its platform covers pricing, load forecasts, transmission data, and renewables integration from PJM to CAISO markets. Yes Energy equips traders at firms like NextEra and Shell with visualization tools and APIs. Founded in 2009, it processes data from 100+ utilities. | EnelytixPower Settlements Consulting and SoftwareAnchor Power Solutions+1 | 3 | |
Qualus Power Services | | Qualus Power Services is a Houston-headquartered firm delivering comprehensive power delivery engineering, consulting, and technical field services to utilities across North America. The company supports grid modernization through substation automation, renewable energy integration, and transmission planning for clients including American Electric Power and Duke Energy. With over 1,700 professionals operating from 30 offices nationwide, Qualus manages turnkey projects encompassing design, procurement, construction, and commissioning. Founded in 2016 following the merger of multiple engineering firms, it addresses critical infrastructure challenges like wildfire mitigation and distributed energy resources. | PFESAsset EngineeringAquawolf+2 | 3 | |
Volue Infrastructure |  | Volue Infrastructure is a Oslo-headquartered supplier of software platforms for energy and utilities sectors. Their solutions automate production, trading, distribution, and consumption processes for municipalities, water utilities, infrastructure projects, defense operations, transportation networks, and maritime activities. Acquired by Volue ASA in 2021, the division serves Nordic clients with tools like Cegal and Earth Graphics for grid management and asset optimization. | dispoEnergyOptimeeringQuorum Development Ltd | 2 | |
Honeywell | | Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz Thermo-Electric Regulator, which produced a predecessor to the modern thermostat. Other inventions by Honeywell include biodegradable detergent and autopilot. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. It operates through four business segments: aerospace technologies, industrial automation, energy and sustainability solutions, and building automation. Recently, Honeywell has made several portfolio changes to focus on fewer end markets and align with a set of secular growth trends. The firm is working diligently to expand its installed base, deriving around one third of its revenue from recurring aftermarket services. | SparkMeter (GridFin unit)SparkMeter (Gridscan unit)SparkMeter's- Praxis | 2 | |
Blackstone | | Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8). | EnverusEnergy ExemplarSkroutz.gr+2 | 2 | |
ABB |  | ABB supplies electrical equipment and automation products. Founded in the late 19th century, the company was created out of the merger of two old industrial companies: ASEA and BBC. Its products include electrical equipment, industrial robots, and equipment used for industrial automation, sold via approximately 19 business divisions. ABB is the number-one or -two supplier in two-thirds of its product segments. | NetcontrolFodisch GroupSpecialtrasfo+1 | 2 | |
Titan Cloud Software | | Titan Cloud Software delivers compliance, fuel management, and optimization platforms for petroleum marketers and convenience stores. Atlanta-headquartered, the company processes over 1.5 billion gallons of fuel monthly for 2,500+ clients across North America. Its wet stock management, environmental reporting, and leak detection tools integrate with POS systems to minimize losses and ensure EPA compliance. | UrgentLeighton O'BrienTechniche EV+1 | 2 | |
SAM | | SAM is a Birmingham, Alabama-headquartered provider of geospatial data solutions encompassing surveying, mapping, aerial LiDAR, and 3D modeling services. Founded in 1995, it supports infrastructure projects for government agencies, utilities, and engineering firms across the United States with over 50 offices nationwide. SAM delivers projects involving utility mapping, transportation corridors, and environmental assessments for clients like the U.S. Department of Defense and major municipalities. | Xtensible SolutionsTheorem GeoDonaldson Garrett & Associates+2 | 2 |
Founders and investors we've worked with
We've supported winning builders across energy & utilities software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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