Rubicon Technology’s Sale of Majority Stake in Uplight

Perkins Coie advised Uplight, Inc. and Rubicon Technology Partners on the deal.

Rubicon Technology Partners, a private equity firm specializing in enterprise software investments, announced that it has completed the sale of its majority stake in Uplight to a consortium of investors, co-led by Schneider Electric, AES, and a group of investors led by Huck Capital, including Coatue and Inclusive Capital Partners. Uplight is valued at $1.5 billion in the transaction. The deal was first announced in March 2021.

Uplight, a certified B Corp, is the leading software partner of energy providers transitioning to the clean energy ecosystem. Using data-driven insights to personalize and simplify the customer experience, Uplight solutions help utilities to reduce their baseload by changing consumer behavior, orchestrate grid connected devices that keep customers’ bills low while adjusting in real time to changing grid conditions, and speed customer adoption of renewables, electric vehicles, and energy management solutions.

Following its investment in November 2018, Rubicon was instrumental in helping Uplight become the market leader by completing five strategic acquisitions, investing in cutting edge product development, and enhancing the company’s go-to-market capabilities, all contributing to a significant acceleration of the company’s growth as it became the leading software provider to North America’s largest electric and gas utilities.

Rubicon will remain a minority investor in Uplight.

Goldman, Sachs & Co. LLC served as Exclusive Advisor to Uplight.

Rubicon Technology Partners invests in enterprise software companies with proven products and talented management teams to help grow and scale their businesses.

Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all.

The Perkins Coie team was led by M&A partners Nathaniel G. Ford (Picture), Danielle Fortier, Chris Hall, and Kester Spindler and included counsel Kelly Payne and associates Micah Kamoe and Megan York, tax partner Bryan Smith and counsel Eric Ashcroft, antitrust partner Barry Reingold, regulatory partners Todd Hinnen and Ann Nagele, employee benefits partner Tom Cristy and associates Cristopher Jones and Tomer Vandsburger, labor and employment partner Sarah Flotte and associate Sara Davey, intellectual property partner Pete Kinsella and associate Anna Zabotina, and real property partner Liana Spendlove and associate Shaun Devereaux.

Involved fees earner: Eric Ashcroft – Perkins Coie; Thomas Cristy – Perkins Coie; Sara Davey – Perkins Coie; Shaun Devereaux – Perkins Coie; Sarah Flotte – Perkins Coie; Nathaniel Ford – Perkins Coie; Danielle Fortier – Perkins Coie; Chris Hall – Perkins Coie; Todd Hinnen – Perkins Coie; Cristopher Jones – Perkins Coie; Micah Kamoe – Perkins Coie; Peter Kinsella – Perkins Coie; Ann Nagele – Perkins Coie; Kelly Payne – Perkins Coie; Barry Reingold – Perkins Coie; Bryan Smith – Perkins Coie; Liana Spendlove – Perkins Coie; Kester Spindler – Perkins Coie; Tomer Vandsburger – Perkins Coie; Megan York – Perkins Coie; Anna Zabotina – Perkins Coie;

Law Firms: Perkins Coie;

Clients: Rubicon Technology Partners; Uplight, Inc.;

Author: Martina Bellini