SpryPoint was granted a strategic investment fund from growth equity investment firm, Norwest to help accelerate the growth of cloud-native solutions for utilities across the region, according to a press release.
"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," SpryPoint's founder, managing partner and CTO, Keir Pollard, said. "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."
The idea for the investment was inspired by SpryPoint’s consistent business growth. Over the past three years, the company expanded its team and increased its market share in the smart utilities-related mission-critical, cloud-native solutions industry. Its SaaS model has been implemented by progressive utilities across the U.S. and Canada.
“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,” a recent press release explains. “However, utilities face significant challenges in adapting traditional software solutions to meet their new marketplace reality.”
SpryPoint will continue to be led by its core leadership team, which will work alongside newly appointed CEO, Kyle Strang. Keir Pollard will continue working as CTO, Ryan Cawley as vice president of business development and Kevin Clancy as senior vice president of services. In correlation with the investment, the company has also welcomed Norwest Partner Ran Ding and Vice President Chris Sondej to its board of directors. Miller Thomson LLP contributed to the transaction as legal advisor and Bonfire Capital as financial advisor to SpryPoint.
Its services help utilities improve cloud-based customer service platform performance, “while leveraging native interoperability to connect with other information technology (IT) and operational technology (OT) systems in their technology stack.”
"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."