SAN FRANCISCO — (BUSINESS WIRE) — November 3, 2010 — Nexant, Inc., a global provider of intelligent grid software and clean energy solutions, announced today that Dr. Romesh Wadhwani of Symphony Technology Group (STG) has joined TeleSoft, Oak Investment Partners, Intel Capital, and Beacon in raising a total of $50 million to close the company’s latest investment round.
Dr. Wadhwani is the founder, chairman, and CEO of STG, a private equity firm investing in software and software services companies. As founder and former CEO of Aspect Development Group, Inc., Dr. Wadhwani spearheaded Aspect’s emergence as a B2B e-commerce leader, setting the stage for its merger with i2 Technologies in one of the largest mergers in software history. In addition to Nexant, STG’s portfolio companies include Capco, SymphonyIRI Group (formerly Information Resources, Inc.), Inc., MSC Software, Symphony Services, Teleca, Netik, and Aldata.
“We are delighted to welcome Romesh to Nexant,” said Arjun Gupta, Nexant Executive Chairman. “We are privileged to have Romesh's participation—particularly his extensive experience building software companies—as we scale Nexant's next-generation platform and applications, such as GridSmart®, TrakSmart®, and ChemSystems®.”
“My chief mission has always been to help build great companies over the long term by investing in transformative technology and exceptional talent capable of delivering breakthrough client value,” said Dr. Wadhwani. “I believe Nexant has the potential to be one of those great companies and I am excited to be working with Nexant's team of energy and software experts to accelerate growth and help scale the company.”
Nexant's software focuses on the sophisticated demands of next-generation electricity grid operations and energy markets—managing energy efficiency, demand response, and distributed generation; improving the efficiency of the power grid; and supporting market operations. In addition, Nexant provides a wide range of technical, operational, and strategic consulting services to utilities, and oil, gas, and chemical majors.
About Symphony Technology Group and Romesh Wadhwani
Dr. Wadhwani established STG as a strategic private equity firm that invests and partners in building great software and services companies. In addition to providing capital, STG leverages Dr. Wadhwan’s 30-plus years of leadership experience and his impressive track record of founding and growing successful technology companies to provide critical expertise to its portfolio companies. This approach enables those companies to deliver more value to clients, retain and attract the best talent, achieve best-in-class business performance, and grow through innovation. Today, STG's portfolio of nine global companies have combined revenues of $2.5 billion and over 15,000 employees spread evenly across North America, Europe, and Asia. For more information visit www.symphonytg.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with over $9 billion in committed capital. Its primary investment focus is on high-growth opportunities in communications, information technology, clean energy, consumer internet/new media, financial services technology, healthcare services, and retail. Over the past 32 years, Oak has achieved a strong track record as a stage-independent investor funding more than 485 companies at key points in their lifecycle. Oak has been involved in company formation, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. Representative Oak clean energy investments include Aurora Algae, Boston-Power, eSolar, GreenVolts, Protean Electric, and SunDrop Fuels. For more information visit www.oakvc.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology startups and companies. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer internet, semiconductor manufacturing, and cleantech. Since 1991, it has invested more than $9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 174 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 50% of funds invested outside the United States and Canada. For more information on Intel Capital and its differentiated advantages visit www.intelcapital.com.
About TeleSoft Partners
TeleSoft Partners is a special situations venture capital firm founded by Arjun Gupta in 1996. It focuses on multi-stage venture investments and special situations in the information technology, communications, and energy value chain industries. TeleSoft is typically a contrarian investor taking a lead or co-lead role as an operational value-added partner. TeleSoft has raised capital commitments in excess of $625 million in multiple funds. Over the last 16 years, TeleSoft and its principals, pre-TeleSoft, have funded and helped build 61 companies, resulting in 35 mergers, acquisitions, and IPOs to date, with 10 companies remaining private. TeleSoft’s strategic partnerships include AllTel, Deutsche Telekom’s T-Ventures, and Symphony Technology Group. For more information visit www.telesoftvc.com.
Nexant, Inc. is a premier provider of software and consulting services
for the next-generation intelligent grid and clean energy solutions. For
the last decade, it has been developing and commercializing technology
solutions—such as TrakSmart®, GridSmart®, HEDGE®, COMET®, and