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Energy VC GFI Buys Synergen
Venture capitalist GFI Energy Ventures has purchased control of Synergen, a vendor of enterprise asset management (EAM) and computerized maintenance management systems (CMMS) software mostly for utilities. Terms were undisclosed.
Founded in 1986 by CEO Dick McDonald, a former nuclear engineer, Synergen has been pursuing an ambitious agenda for an independent, self-financed player: providing an enterprise-level, integrated web-based asset management solution that includes related functions like work management, inventory control, purchasing/procurement and operational accounting.
Among Synergensís customers are the City of Clearwater, the City of Anaheim, Louisiana Offshore Oil Port (LOOP), Westar Energy, MidAmerican Energy, the NYC Department of Environmental Protection and Stepan Chemical.
GFI is one of the more prominent VCís operating in the energy industry, having originated about forty investments in companies that it states have a market value ďin excess of $2 billionĒ. Among GFIís portfolio companies are LodeStar and Power Measurement, and the VC formerly owned equity in Caminus (since sold to SunGard) and LineSoft (since sold to Itron). GFIís Andrew Osler, a company SVP, led the buy team.
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