Waukesha-based Generac Holdings Inc. has made a minority investment in Canadian software firm Sofdesk
to boost its entry into the energy storage market.
Generac led a $4.3 million funding round, around $5.7 million in Canadian dollars, for the Montreal-based company that offers sales acceleration tools for the solar and roofing markets. The funding will help Sofdesk scale its sales, marketing and development teams to expand its customer base. EnerTech Capital, BDC Capital and DesJardins Capital were also part of the funding round.
“This investment will help us to scale our A.I. and automation capabilities as well as offer our services to many other leaders in the industry. We know the trend of all major companies is moving towards technology and we are happy to lead the way with our automated, customized web applications" said Lennie Moreno, CEO and founder of Sofdesk.
The two companies also entered into an exclusive commercial agreement to develop, PowerPlay CE, an online software tool for Generac’s clean energy contractors.
"Armed with PowerPlay CE, installers will be able to walk a homeowner through the sizing, specs, installation process and cost of a storage and solar system, plus receive leads and create high quality customized proposals in minutes," said Russ Minick, Generac's chief marketing officer and clean energy leader. "This important tool will help independent solar and storage installers be more professional, efficient and successful.”
Generac expects the offering to be available in January.
The company has made significant investments
in clean energy and energy monitoring and management markets this year, believing the distribution network, in-home selling and targeted marketing capabilities developed for its home standby generators will help it develop new business lines.
"We've been very impressed with the Sofdesk team and are excited to both invest in their future potential growth and partner with them to more easily bring a product to our customers that satisfies a need in our clean energy business," Minick said.