TPG to Acquire Irth Solutions from Blackstone in Deal Targeting Growth of AI-Powered Infrastructure Software

TPG has agreed to acquire Irth Solutions, a leading provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners. The transaction, which will be executed through TPG Growth, TPG’s middle market and growth equity platform, marks a significant step in Irth’s evolution as it continues to support the digital transformation of essential infrastructure networks. Irth, founded in 1985 and headquartered in Columbus, Ohio, delivers cloud-based software that combines geospatial data, business intelligence, and artificial intelligence to provide comprehensive situational awareness for infrastructure operators. Its platform helps energy, utility, and telecommunications providers proactively identify, mitigate, and manage risks across their networks. Serving over 20,000 daily users, Irth processes more than 130 million work orders and generates 500 million AI-driven insights annually—enabling timely interventions that prevent outages and protect critical assets. Brad Gammons, CEO of Irth, expressed enthusiasm about the partnership, stating that TPG’s deep expertise in software, AI, and infrastructure makes it the ideal partner for Irth’s next phase of growth. He emphasized the company’s commitment to enhancing resilience, reliability, and risk management for its customers, building on the foundation laid during Irth’s tenure with Blackstone. Aaron Matto, Business Unit Partner at TPG, highlighted the growing challenges facing energy and utility providers, including climate-related risks and the need for uninterrupted service. He praised Irth’s proven ability to deliver actionable insights through AI, enabling operators to detect vulnerabilities before they escalate. TPG has a long history of investing in mission-critical software businesses and sees Irth as a key player in securing the nation’s infrastructure. Blackstone Energy Transition Partners, which has partnered with Irth since 2021, commended the company’s progress in driving digitalization, resiliency, and investment in critical infrastructure. Bilal Khan and Alex Lue, senior leaders at Blackstone, expressed confidence in Irth’s future under TPG’s ownership and affirmed their support for the company’s continued success. The deal remains subject to customary closing conditions and is expected to close in late 2025. Financial terms of the transaction were not disclosed. Advisory roles were handled by Evercore and Lazard as sellside advisors to Blackstone and Irth, with Kirkland & Ellis providing legal counsel. For TPG, Cantor Fitzgerald and Lincoln International served as financial advisors, and Weil, Gotshal & Manges LLP acted as legal counsel. Irth’s technology continues to play a vital role in modernizing the nation’s energy and utility systems, ensuring safer, more reliable, and smarter operations in an era of increasing complexity and risk.