NEW YORK – September 19, 2022 – Bregal Sagemount (“Sagemount”), a leading growth-focused private equity firm, today announced a minority strategic growth investment in SOLO LLC (“Solo”), a leading provider of solar sales, proposal, and design software. Financial terms of the transaction were not disclosed.
Solo is a pioneer and innovator in solar energy sales, accelerating growth of the solar industry with their cloud-based quote, propose, and close platform. In 2017, Solo was the first to market with the introduction of their one-touch-close system. Today, Solo continues to lead the industry as they enhance and expand their platform with best-in-class accuracy, real-time visualization features, proprietary measurement and calculation engine, presale and educational tools, and integrated partner and lender solutions.
“Our vision shapes everything we do, even our very name,” said Dan Larkin, Co-Founder and CEO of Solo. “Solo stands for Speed Of Light Operations. It is as much our obsession as it is our vision. Relentlessly pursuing our vision has enabled significant market acquisition and led us to the right strategic and capital partner in Sagemount.”
The Solo and Sagemount partnership is aligned by a shared vision of accelerating growth and speed to market through technology and talent. The investment will be used to fuel further growth for Solo within the solar industry and deepen Solo’s ongoing revolution of the point-of-sale experience by enabling the advancement of new technology, adding and attracting talent, and most importantly, enabling the company’s ambitious milestones in clean energy adoption.
“Solo is an innovation engine solving the most critical challenges of the solar ecosystem,” said Pavan Tripathi, Partner at Bregal Sagemount. “The Solo team has an impressive focus on anticipating the needs of its clients, and we are excited to partner with Dan and the Solo team to help advance the energy transition.”
Sagemount’s investment was led by Pavan Tripathi, Sandeep Swaminathan, Gerald Castaldo, and Harrison Boyajian. Goodwin Procter served as legal counsel to Sagemount and Mayer Brown served as legal counsel to Solo.
Solo is the market leading independent provider of solar sales, proposal and design software, primarily servicing engineering, procurement, and construction companies, solar installers, sales dealers and roofing companies in the United States. The Company is headquartered in Lehi, Utah and employs over 200 individuals. The SOLO platform has helped hundreds of solar companies optimize their operations and close more deals. To date, over 3 million solar projects have been designed with Solo’s software, saving an estimated 150,000 hours of work.
For more information on Solo, go to the firm's website at gosolo.io.
Bregal Sagemount is a leading growth-focused private capital firm with more than $5.5 billion of capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 60 companies in a variety of sectors including software, financial technology & specialty finance, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Dallas, and Palo Alto.