The cloud suite is used to predict market dynamics, support investments, and enhance continuous operations across their systems and assets. Credit: witsarut sakorn/Shutterstock.

Investment companies Blackstone and Vista Equity Partners (Vista) have reached an agreement to buy Australian software company Energy Exemplar.

The companies did not disclose the financial terms of the transaction.

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However, citing sources, Reuters reported that the deal is valued at more than $1bn (A$1.58bn).

Blackstone and Vista will each control a 50% stake in Energy Exemplar, with its existing investor Riverside Company divesting its shares, the sources said.

Energy Exemplar provides a cloud software suite to energy industry companies.

The cloud suite is used by utilities, power producers, grid system operators, and others to predict market dynamics, support investments, and enhance continuous operations across their systems and assets.

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Since 2018, Energy Exemplar has expanded at compound annual growth rate of 30% and currently provides services to over 500 clients across 79 nations.

With Blackstone and Vista’s support, Energy Exemplar stated, it will have more resources to support platform innovation and growth.

Energy Exemplar CEO David Wilson said: “We are tremendously excited about this partnership and how it will accelerate our investment in our leading SaaS platform providing accurate simulation and decision support for our customers in today’s rapidly changing energy landscape.

“The combination of Blackstone and Vista brings a unique level of expertise in both the energy and software industries which will continue to propel Energy Exemplar as the go-to solution for the energy transition for all our clients around the world who are leading this charge.”

Vista Equity Partners managing director Ryan Atlas said: “Its [Energy Exemplar’s] platform provides a holistic view of the impact traditional and emerging energy systems have on the businesses of those leading the energy transition.”

In October 2023, Vista signed a definitive agreement to buy EngageSmart in a deal valued at $4bn.

EngageSmart is engaged in offering industry-specific payment solutions and customer engagement software.