An affiliate of Peak Rock Capital has signed a definitive agreement to sell Spatial Business Systems (SBS), an intelligent design automation software provider for utilities and infrastructure, to Enverus, an energy data analytics platform backed by Blackstone.
Austin-based Peak Rock said the transaction marks the culmination of a period of accelerated growth for SBS since the private investment firm acquired the company from its founders in 2022. During that time, SBS expanded its recurring revenue base, scaled its workforce, and developed new AI-powered automation capabilities for engineering and infrastructure planning.
SBS provides software tools that automate and streamline engineering and design workflows for electric and gas utilities and other critical infrastructure operators. The platform supports the full engineering design lifecycle across areas such as distribution systems, substations, and protection and control applications.
The company serves a broad global customer base, including utilities, municipalities, engineering firms, and broadband infrastructure operators. More than 90 percent of the 25 largest investor-owned utilities in North America use SBS software.
Peak Rock said it accelerated the company’s expansion through investments in sales and marketing, geographic and end-market expansion, and acquisitions. The firm also supported new product development, including AI-enabled design and reporting tools designed to improve efficiency for utility engineering teams.
The sale will position SBS to continue expanding its capabilities as part of Enverus’ broader energy data and analytics platform, which provides intelligence and operational tools to companies across the energy sector.
Spatial Business Systems was founded in 2002 and is headquartered in Denver, Colorado, with additional offices across the United States and in Melbourne, Australia.
Support: Financial advisors to the transaction included Lazard and Lincoln International. Kirkland & Ellis LLP served as legal advisor to the company.
KEY QUOTES
“We are thrilled with the growth SBS has achieved under Peak Rock’s ownership. Together with management, we executed on a shared vision to drive transformational growth, converting the business to a highly recurring subscription revenue model and investing heavily in sales and marketing and AI tools.”
Jordan Campbell, Senior Managing Director, Peak Rock
“It has been an incredible experience collaborating with, and working alongside, the SBS team. We are proud of the success SBS has achieved under our ownership and are confident that the Company is well-positioned for continued innovation in its next chapter of growth.”
Dave Alter, Managing Director, Peak Rock
“SBS is a special business, and we are thankful for Peak Rock’s partnership in building the business into a leading provider of intelligent design software for the electric & gas power markets. We also deeply appreciate the support of our employees, partners, and customers, and we look forward to continuing to deliver innovative solutions that advance the industry for years to come.”
Al Eliasen, President And Chief Executive Officer, Spatial Business Systems
“This transaction is another great example of Peak Rock’s track record of successfully partnering with founder and family-owned software businesses to achieve transformational growth, including developing AI capabilities that unlock tremendous value for customers. We look forward to partnering with similar businesses that can benefit from our value creation capabilities and proven track record.”
Anthony DiSimone, Chief Executive Officer, Peak Rock Capital
