Enverus Acquires SBS for AI Grid Planning

This acquisition marks an exit for private equity firm Peak Rock Capital, which acquired Spatial Business Systems (SBS) from its founders in 2022. Under Peak Rock's ownership, SBS's annual recurring software revenue more than quadrupled, and its headcount more than doubled through strategic investments in product development and market expansion. SBS's core software, including its Automated Utility Design (AUD) platform, is built on AutoCAD and integrates with GIS and enterprise asset systems. The company's AI-driven solutions automate detailed engineering workflows for utilities, promising to reduce design cycle times by as much as 90%. The deal is timed as utilities are projected to spend over $1 trillion by the end of 2029 to modernize aging infrastructure, integrate renewables, and meet surging demand from data centers. Enverus aims to create an integrated platform for what it calls "risk-adjusted utility capital deployment," combining its market analytics with SBS's engineering design tools. This acquisition continues Enverus's strategy of growth through strategic purchases. In March 2025, the company acquired Pearl Street Technologies, a provider of software that automates interconnection studies, another critical bottleneck in grid modernization. Blackstone's acquisition of Enverus from previous private equity owner Hellman & Friedman was valued at up to $6.5 billion. Enverus itself serves more than 8,000 customers in 50 countries, including 95% of U.S. oil and gas producers. For Blackstone, which manages over $1.2 trillion in assets, the transaction is part of a high-conviction investment theme focused on rising electricity demand and the broader energy transition. The firm has committed over $27 billion to its energy transition strategy and sees AI-driven demand from data centers as a key driver for investments in grid infrastructure and related software platforms.