True Wind Capital has made an investment in Tulsa, Oklahoma-based W Energy Software, a provider of cloud-based accounting and ERP software. No financial terms were disclosed. M33 Growth, LLC, a previous investor, along with the W Energy’s founders and other shareholders, are rolling a portion of their investment into the transaction.
SAN FRANCISCO–(BUSINESS WIRE)–True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, today announced a strategic growth investment in W Energy Software (the “Company”). M33 Growth, LLC, a Boston-based venture and growth-stage investment firm that previously invested in W Energy Software, along with the Company’s founders and other shareholders, are rolling a meaningful portion of their investment into the transaction.
Based in Tulsa, OK, W Energy Software is a leading provider of cloud-based accounting and ERP software, delivering high levels of speed, ease, and accuracy to enterprise and mid-market customers across the energy and commodities value chain. The Company’s modern SaaS platform delivers efficiencies and insights for its blue-chip customer base through faster processing speeds, superior functionality, and full end-to-end visibility.
W Energy Software also recently executed a long-planned leadership succession plan. Mark Hill, the Company’s Chief Revenue Officer, was appointed Chief Executive Officer, and Pete Waldroop, W Energy Software’s founder and CEO, was appointed Chairman of the Board. Mr. Hill has more than 30 years of industry experience and worked alongside Mr. Waldroop for nearly three years. A recognized thought leader in the energy and commodities software space, Mr. Hill has held executive leadership positions at several energy technology companies including P2 Energy Solutions and leading commodity management provider Allegro Development.
Sean Giese, a Partner at True Wind, said, “As energy and commodities businesses navigate a highly dynamic operating environment, they are relying more than ever on technology partners who can streamline their operations and create efficiencies at scale. W Energy Software’s unique offerings, management team, and execution have positioned it well to assume a leading role in the overall energy transition movement. We are excited to support the business through this next chapter, both organically and through strategic M&A initiatives.”
“We are thrilled to embark on our new partnership with True Wind Capital and look forward to leveraging their proven expertise as we continue to embark on our growth trajectory,” Mr. Hill commented. “True Wind’s strategic investment, support, and proven track record in building enduring technology businesses will be a tremendous resource as we seek to expand into new markets, continue to invest in and enhance our differentiated SaaS platform and leading products, and execute a strategic M&A strategy. On a personal level, I would like to thank Pete for his endless contributions to W Energy Software and his endorsement in my ability to lead it through this important chapter.”
Will Heldfond, a Principal at True Wind, added, “We look forward to partnering with Mark and W Energy Software’s talented team to identify attractive areas for expansion and provide technology-enabled solutions that support the rapidly evolving landscape of energy creation, management and distribution.”
Orrick, Herrington & Sutcliffe LLP served as legal advisor to True Wind and Baird served as its financial advisor. Cooley LLP served as W Energy Software’s legal advisor and Aeris Partners served as its financial advisor.
About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 11 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.