U.S. investment firm General Atlantic is buying a minority stake in Germany’s Powercloud GmbH, it said on Wednesday, adding it would support the energy software group in its expansion efforts.
Powercloud, which competes with SAP (SAPG.DE) in energy software, was founded in 2012 and counts German energy groups E.ON (EONGn.DE) and EnBW (EBKG.DE) among its customers.
Powercloud caters to large and medium-sized utilities but wants to expand into other markets, the groups said, adding they had decided not to disclose financial details.
“General Atlantic will help powercloud become a partner and supporter of the international power sector,” Achim Berg, operating partner at General Atlantic, said. “The plan is to gradually increase the scope of services in very close cooperation with the customers.”
New York-based General Atlantic has around $28 billion in assets under management and its investments include Uber Technologies, Airbnb and Ant Financial.