Growth Equity Investment to Accelerate Company’s Expansion into New Markets and Position it to Capitalize on Energy Transition
Mark Hill Appointed CEO Following Leadership Succession Plan
SAN FRANCISCO – January 13, 2022 – 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.
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.
Headquartered in Tulsa, Oklahoma, W Energy Software offers the energy industry a unified ERP solution built for the cloud that is relied on by more than 130 upstream and midstream companies to accelerate business performance, improve operational efficiency, and reduce costs. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the energy business to deliver solutions that offer flexibility, affordability, and continuous upgrades. With W Energy Software, energy companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head-on, all while gaining the confidence that their business is running on the latest technology. For more information, please visit www.wenergysoftware.com.
M33 Growth is a venture and growth-stage investment firm that partners with founders and CEOs who have successfully bootstrapped their companies to strong growth and are positioned to rapidly scale their companies and breakthrough as market leaders. With deep experience fueling sales and marketing engines, driving acquisitions, and building value through data assets, M33 Growth seeks to propel portfolio companies to succeed in their markets. Founded by veterans of renowned investment firms with considerable operational experience, the Boston-based firm seeks to invest in companies in the software, healthcare, and services sectors throughout North America. Learn more at https://www.m33growth.com/.
For True Wind Capital:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
For W Energy Software:
No compensation was provided to the portfolio company executives for their feedback although they may have an incentive to make a positive statement due to the executive’s ongoing relationship with the firm.