Generac invests a minority equity interest in Sofdesk
October 24 2019 - 4:30PM
Generac Holdings Inc. (NYSE: GNRC) (“Generac”), a leading global
designer and manufacturer of energy solutions and other power
products, today announced an investment that bolsters its move into
the energy storage market. Generac served as the lead investor in a
$4.3M Series B funding round for Sofdesk Inc., a Canadian software
company offering sales acceleration tools for multiple markets
including solar and roofing. The new capital will help Sofdesk
scale its sales, marketing and development teams to further expand
its customer base. In addition to taking a minority interest in
Sofdesk, Generac and Sofdesk entered into an exclusive commercial
agreement to collaborate and develop a new online software tool,
PowerPlay CE, designed specifically for Generac’s Clean Energy
aligned 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.”
Minick continued, “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.”
“We’re excited to have Generac as an investor, their experience
in growing businesses will be beneficial as we scale the team to
take advantage of increased demand for our platform products,
Solargraf and Roofgraf. 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.
PowerPlay CE is expected to be available to
Generac Clean Energy dealers and contractors beginning in January
2020, closely following the release of the PWRcell system in
December 2019.
About Generac
Founded in 1959, Generac is a leading
designer and manufacturer of energy solutions and other power
products. As an industry leader serving residential, light
commercial, and industrial markets, Generac's products
and solutions are available globally through a broad network of
independent dealers, distributors, retailers, wholesalers and
equipment rental companies, as well as sold direct to certain end
user customers.
About Sofdesk
Sofdesk is an industry-leading software
organization that builds intuitive sales acceleration tools for
everyday use in the solar and roofing industries. By offering an
end-to-end business management solution, Sofdesk empowers all size
contractors, distributors and manufacturers to be competitive in
these ever-growing markets and improve the scalability of their
businesses through its powerful web-based platform.
CONTACT:York RagenChief Financial Officer(262)
506-6064InvestorRelations@generac.com
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