Tendril Acquired By Private Equity Investor
Boulder-based Tendril, which develops software and services used to help utilities manage electric, gas, and other utility usage in the home, said Tuesday it has received a majority investment fro private equity investor Rubicon Technology Partners. Financial details of the acquisition were not announced. According to Tendril, Morgan Stanley Alternative Investments and ZOMA Capital are also making minority investments in the company. Tendril, which is led by CEO Adrian Tuck, says the new funding will go towards innovation, sales expansion and the pursuit of acquisition opportunities. Tendril said it raised over $100M over the last ten years to build its platform. Tendril has previously raised funding from Access Ventures, Appian Ventures, GdF Suez, GE Energy, Good Energies, In-Q-Tel, RRE Ventures, Siemens Venture Capital, SunPower, TIAA-CREF, VantagePoint Venture Partners, and Vista Ventures. It's unclear which of those prior investors held a substantial stake in Tendril at the point of the majority investment transaction. Tendril said it was advised by Canaccord Genuity in the deal.
posted on Tuesday, December 4, 2018
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