TeleSoft Partners Acquires a Majority Interest in Energy Software & Consulting, the Largest Preferred Shareholder of Nexant, Inc.
Posted on: Monday, 29 October 2007, 12:00 CDT
TeleSoft Partners, a Silicon Valley venture capital firm, announced it has acquired a majority interest in Energy Software & Consulting I and II which, on a combined basis, is the largest preferred shareholder in Nexant, Inc., an energy sector software, engineering, and consulting firm.
During the past decade, TeleSoft has raised over $600 million to help develop more than 60 next-generation technology companies. TeleSoft's investment in Energy Software & Consulting I and II signals its entry into the global energy sector.
Nexant has pioneered the development of specialized software products and services for the electric power grid and associated electric power markets, as well as for the global petroleum and chemical industries. A number of its advanced power network modeling and analysis tools are regarded as industry standards for power systems operations, planning, and control -- used by major utilities, independent system operators, and regional transmission organizations. In addition, Nexant's ChemSystems Online® platform is recognized as the leading integrated platform for simulating the entire worldwide petrochemical industry. Nexant has over 220 software developers, energy engineers, and consultants, and has completed 1,500 assignments in more than 70 countries since its inception. The company is headquartered in San Francisco, with additional offices in Bangkok, Beijing, Boulder, Houston, London, Los Angeles, Madison, New York, Phoenix, Salt Lake City, Tokyo, and Washington D.C.
"The energy sector is poised for tectonic changes, much like the experiences of the PC and wireless industries over the past three decades. Nexant will be a strategic partner in TeleSoft's overall strategy for energy sector investments," said Arjun Gupta, Managing Partner at TeleSoft. "Nexant holds a unique and respected position in the software and consulting segments of the energy industry," added Paul Unruh, TeleSoft senior advisor. "Nexant already plays a key role in power network software development and is now on the way to becoming a major service provider in the biofuels, alternative energy, and carbon management arenas -- all of which are forecast to experience tremendous growth."
"We are delighted to have TeleSoft as the new majority owner of Energy Software & Consulting, our major investor," said Basem Sarandah, Nexant president and CEO. "TeleSoft has a phenomenal investment track record and shares our vision for expanding our service and software offerings in a number of critically important areas, such as alternative fuels, clean coal, and green buildings." In addition to Energy Software & Consulting, Nexant's investors include The Beacon Group, Morgan Stanley Global Energy Group, Hellman & Friedman, Nth Power, MC Capital, and IBM -- as well as Nexant management and staff.
ABOUT TELESOFT PARTNERS
TeleSoft is a venture capital firm focused on next generation high-tech start-ups and manages capital commitments of $625+ million. Over the last decade, TeleSoft and its principals have funded and helped build some 60 portfolio companies, resulting in 32 acquisitions and IPOs to date, with 12 private companies still remaining in the portfolio. TeleSoft's Corporate Partners are Alltel and Bechtel in the U.S., Deutsche Telekom in Europe, and Comverse in Israel. For more information, visit www.telesoftvc.com.
ABOUT ENERGY & CONSULTING I AND II
Energy Software and Consulting I & II, on a combined basis, is the largest preferred shareholder in Nexant, Inc.
ABOUT NEXANT
Nexant's software products and consulting services help clients solve critical strategic and operational challenges in key areas of the energy marketplace: electric power, energy management, energy technology, retail and wholesale power markets, enterprise risk management, chemicals and petrochemicals, and oil and gas. Nexant® is a proprietary trademark of Nexant, Inc. For more information, visit www.nexant.com.
For more information, please contact Bob Burdett (Nexant, Inc.) at 415-369-1114.
Source: Business Wire
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