Blackstone Acquires SaaS Firm Enverus

The US-based Blackstone, a world’s largest alternative asset manager, on Wednesday announced that private equity funds affiliated with the company have entered into an agreement to acquire Enverus, a premier data analytics energy intelligence platform, from Hellman & Friedman and Genstar Capital.

While the terms of the transaction were not disclosed, it is expected to close by the end of the year, subject to customary conditions.

Enverus was founded in 1999 and is a comprehensive data analytics platform empowering its customers’ capital allocation and asset optimisation decisions across the entire energy ecosystem, Blackstone said.

Today, it is the largest and fastest-growing SaaS company and analytics provider dedicated to the energy market. It enables its 8,000 customers across 50 countries with real-time access to analytics, insights, and benchmark data from generative AI and partnerships with more than 95 percent of the US energy producers and 40,000 suppliers.

AI’s Major Role

Enverus CEO Manuj Nikhanj said that this was more than a transaction as it’s a launchpad as Blackstone shared their conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution.

Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum, helping Enverus scale faster, build smarter, and deliver transformational outcomes for their customers, he added.

Senior Managing Directors at Blackstone Eli Nagler and Bilal Khan said that as a leading energy-dedicated SaaS platform, Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition.

“We believe Blackstone’s energy market expertise and network can further enhance the company’s growth trajectory, and look forward to partnering with Manuj and the Enverus team,” they said.

Ben Farkas, Partner at Hellman & Friedman, said that after four years of tremendous partnership, Enverus stands as the clear SaaS, data, and analytics leader empowering the energy market.

“We set out with a mission to build on the company’s core strengths, accelerate innovation, and expand its reach across the energy value chain. Today they are pioneering GenAI-powered solutions, scaling into new markets, and enabling smarter and more efficient decisions for customers worldwide,” he said.

“The company’s growth and culture of innovation have set a new standard for the industry. It’s been a privilege to partner with Manuj Nikhanj, Jeff Hughes, and the full Enverus team. We are confident Enverus is exceptionally well-positioned to shape the future of global energy,” he added.

Enverus represents the latest in a number of recent transactions Blackstone has announced behind its high-conviction investment themes in electricity demand growth and the ongoing energy transition, such as Potomac Energy Center, Sediver, Westwood Professional Services, Trystar, and others.

Blackstone’s core private equity strategy, Blackstone Energy Transition Partners, and Blackstone’s private equity strategy for individual investors are each expected to invest in Enverus as part of this transaction.