Smart grid software company Nexant, Inc. raised an additional $7 million and announced the close of its latest funding round at $50 million.
Romesh Wadhwani of Symphony Technology Group (STG) joined TeleSoft, Oak Investment Partners, Intel Capital, and Beacon–exisiting investors that already commited $43 million to the software firm.
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., Wadhwani spearheaded Aspect’s emergence as a B2B e-commerce leader, setting the stage for its mega-merger with i2 Technologies. 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.
Nexant’s software focuses on the 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.
Nexant operates from 25 offices in the U.S., Europe, the Middle East, Asia, and Africa, the company’s team of industry professionals has completed more than 2,500 client assignments in over 100 countries, and its software operates in over 120 control centers at utilities worldwide. Its clients include major utilities, transmission and distribution system operators, chemical and petroleum majors, financial institutions, government agencies and Fortune 500 companies.
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