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GFI Rolls SPL into Synergen
GFI Energy Ventures, a San Franciscan VC firm specializing in energy industry IT, has agreed to purchase SPL WorldGroup, a vendor of energy industry CMS, network management and outage management software, terms not disclosed. GFI will then merge SPL with another of its recent acquisitions, Synergen, marketer of an integrated suite of asset management and other software for utilities. SPL generates about $150 million in yearly revenues while Synergen produces about $20 million.
SPL had itself only recently acquired CES, a vendor of billing and customer care solutions for, again, utilities.
The combined entity, branded under the SPL name, will therefore bring to market a broader suite of integrated solutions to utility operations. The rapid-fire series of transactions underscores GFI’s commitment to a software niche that had heretofore been characterized by widespread unprofitability, technical stagnation, and isolated silos of unrelated applications – all this following a wave of over-investment in the mid-Nineties.
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