SpryPoint Partners with Norwest to Fuel Growth of Cloud-Native Solutions for Utilities
[CHARLOTTETOWN, PE, March 6, 2023] SpryPoint, a leading provider of enterprise Software as a Service (SaaS) solutions to the utility industry, today 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.”
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.
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.
As part of the investment, Norwest Partner Ran Ding and Vice President Chris Sondej will join the SpryPoint board of directors.
Miller Thomson LLP served as legal advisor and Bonfire Capital as financial advisor to SpryPoint for this transaction.
Founded in 2011, SpryPoint is a leading provider of cloud-based solutions for the utility sector. The expert team has extensive experience serving utilities across North America, and is dedicated to helping clients improve their operations and better serve their customers. SpryPoint solutions include advanced billing and customer relationship management tools, as well as powerful analytics and data management capabilities. The company has been recognized by industry experts and clients alike for bringing value and innovation to the utilities market. For more information, visit www.sprypoint.com.
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.