SPIDA Software Acquired by Bentley Systems
Sellside Advisor to SPIDA Software
The acquisition will aid in addressing the obstacles associated with transitioning to new renewable energy sources.
SPIDA Software (“SPIDA”), developers of specialized software for the design, analysis, and management of utility pole systems, has been acquired by Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company. 7 Mile Advisors (“7 Mile”) acted as the exclusive sellside advisor to SPIDA throughout the sale process.
“Since its inception in 2007, SPIDA has taken on industry challenges to create innovative software and service solutions that power better data-driven decisions and enhance the safety and reliability of utility assets. As the need for connectivity continues to impact legacy infrastructure systems, we couldn’t be more excited to see this deal come together, and look forward to watching SPIDA’s continued success with Bentley,” said John Cooper, Managing Director at 7 Mile Advisors.
Brett Willitt, President of SPIDA, said, “7 Mile Advisors guided us through a disciplined, efficient process allowing us to have multiple choices when selecting the right fit for the future growth of SPIDA.”
The acquisition of SPIDA, and subsequent integration with Bentley’s OpenUtilities grid digital twin cloud services, will aid in addressing the obstacles associated with transitioning to new renewable energy sources, such as increased demand for joint usage of utility poles to support 5G expansion and electric vehicle charging. Bentley’s acquisition of SPIDA will advance the modernization of the electric grid to improve reliability and resilience.
SPIDA is a Columbus, Ohio-based developer of enterprise software for the design, analysis, and management of utility pole systems. SPIDA’s utility pole solutions include SPIDAcalc for capturing, modeling, and optimizing overhead transmission and distribution assets for structural loading; SPIDAsilk to analyze cable and tension design for precise wire tension and conductor installation; and SPIDAstudio, a cloud-based platform to track and manage asset health and physical condition. Leading electric utilities such as Ameren, EPCOR, and Southern California Edison (SCE) ensure the resilience and effectiveness of their utility assets with the help of SPIDA’s solutions.
In regard to the transaction, Willitt said, “Our vision with SPIDA has always been to provide a complete and open solution for maintaining and improving the health and integrity of our users’ power and communication overhead infrastructure assets. Within the Bentley team, we look forward to accelerating grid digital twin solutions, which leverage our industry domain experience and incorporate SPIDA structural analysis. Existing and future SPIDA users can look forward with confidence to leveraging grid digital twins as they upgrade, modify, expand, and manage their overhead systems.”
7 Mile’s team has experience serving software and services business across the Industrial & Engineering ecosystem, and have previously worked with clients including Landpoint, a technology-enabled provider of geospatial services, RS&H, an employee-owned architecture, engineering and consulting firm, and Ajax Building Corporation, one of the leading construction management firms in the Southeast, among others. For more information on how 7 Mile is serving this market, or to read about recent transactions, please visit 7mileadvisors.com.
About 7 Mile Advisors
7 Mile Advisors provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. 7 Mile Advisors advises on M&A and private capital transactions, as well as provides market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, 7 Mile Advisors helps its clients sell companies, raise capital, grow through acquisitions, and evaluate new markets. All securities transactions are executed by 7M Securities, LLC, member FINRA / SIPC. For more information, including research on the M&A markets, visit www.7mileadvisors.com.