GFI Energy Ventures acquires majority interest in Synergen

Jun 09, 2004

Synergen Inc., a provider of Enterprise Asset Management (EAM) and Computerized Maintenance Management System (CMMS) solutions to asset-intensive industries, on June 8 announced that GFI Energy Ventures LLC acquired a majority interest in the company.

Synergen has grown substantially since CEO Richard MacDonald founded the company in 1986. MacDonald will continue to lead Synergen's business. GFI Energy Ventures is a leading investor that is focused on growing companies that meet the needs of the evolving utility sector and related industries. GFI has made more than 40 investments in the technology arena during the past eight years and now manages a portfolio of companies with an aggregate value of more than $2 billion. Palo Alto, Calif.-based Arbor Advisors served as Synergen's adviser during the transaction.

I am gratified by the vote of confidence that GFI Energy Ventures' investment represents, says Richard MacDonald, president and CEO of Synergen. GFI is well known as a leading investor specializing in the market sectors in which we focus. Not only does their investment validate the hard work and accomplishment of the people of Synergen, but GFI's proven record of helping to build successful companies by providing financial resources and deep strategic insight and sector knowledge bodes well for our ability to serve our customers even more effectively in the years ahead. I am very excited about reaching this milestone and am quite enthusiastic about Synergen's prospects for the future.

Andrew Osler, senior vice president of GFI Energy Ventures adds, GFI is very pleased to call Synergen and Dick MacDonald our newest partners. We greatly admire Synergen's record of consistently delivering high-quality and responsive software solutions using state-of-the-market technology with a human touch. An important consideration for us was the extremely positive customer feedback we received on the quality of Synergen's software, its universally successful implementations and the ease with which customers can upgrade. We look forward to contributing our industry expertise, our network of contacts and our financial resources to support the further growth of what is already a successful company.

Synergen's enterprise software solutions help their customers manage and maintain their assets in support of a range of financial, regulatory and operating efficiency objectives. Such solutions help address return-on-investment and customer service priorities, particularly for organizations with large infrastructure networks and distributed assets. 

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