Enverus Acquisition, Valuation, Funding & Investors
Enverus was acquired by Blackstone for $6B in August 2025, a 12.0x multiple on $500M of revenue.
Enverus revenue at acquisition
$500M
Last twelve months · Aug 2025
Enverus revenue multiple at acquisition
12.0x
EV/Revenue · Aug 2025
Enverus EBITDA multiple at acquisition
15.0x
EV/EBITDA · Aug 2025
About Enverus
Enverus is an Austin-based provider of data analytics and software-as-a-service technology for the energy industry. Its platform combines production, land, ownership, cost and market data with predictive analytics and workflow software used by oil and gas operators, midstream companies, power and utility businesses, renewables developers and financial investors. The company sells subscription access to its data, research and applications, together with trading and portfolio-management software. It was founded in 1999 as Drillinginfo and adopted the Enverus name in 2019 after integrating several acquired data and software businesses. Enverus has grown through a series of add-on acquisitions of data, software and research companies and has been owned by private equity sponsors since 2018. It operates offices in North America and serves customers in dozens of countries.
Founded
1999
HQ
Austin, TXWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$500M (Aug 2025)
Valuation
$6B (acquired Aug 2025)
Enverus Acquisition
Enverus was acquired by Blackstone for $6B on 6 August 2025.
The acquisition price implies a 12.0x revenue and 15.0x EBITDA multiple on $500M of revenue.
Before the acquisition Enverus had raised $35M across 2 funding rounds.
Enverus, founded in 1999 and headquartered in Austin, Texas, with operations in Calgary, operates the largest and fastest-growing SaaS platform dedicated to the energy market, providing data analytics, AI-native technology, and decision intelligence across upstream, midstream, minerals, power, and renewables sectors. It serves 8,000 customers in 50 countries, generating $400 million in EBITDA, and supports capital allocation, asset optimization, and energy transition strategies amid surging electricity demand from AI data centers. Private equity funds affiliated with Blackstone announced a definitive agreement on August 6, 2025, to acquire Enverus from Hellman & Friedman and Genstar Capital, which had bought a majority stake in 2021 at a $4.25 billion valuation; the deal values Enverus at over $6 billion, with Blackstone securing a $3.4 billion private credit debt package from lenders like Ares at SOFR+500-550 bps, levering the company at 8.5x EBITDA. Blackstone's core private equity strategy, Blackstone Energy Transition Partners, and private equity for individual investors will participate in the transaction, advised by Simpson Thacher, with Latham & Watkins handling private credit financing; closure is expected by year-end 2025, subject to customary conditions. The acquisition aligns with Blackstone's high-conviction themes in electricity demand growth and energy transition, following deals like Potomac Energy Center, Sediver, Westwood Professional Services, and Trystar. Enverus CEO Manuj Nikhanj emphasized Blackstone's expertise in energy, infrastructure, and data to accelerate AI-powered solutions, real-time intelligence, and global scaling for customers navigating complex markets. Hellman & Friedman highlighted four years of partnership that positioned Enverus as the SaaS, data, and analytics leader with GenAI innovations across the energy value chain. The deal outpaced bidders like Veritas Capital and Intercontinental Exchange, marking a major energy software transaction amid forecasts of 30-50% energy consumption growth by 2050 and grid backlogs for power projects.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 6 Aug 2025 | PE buyout | $6B | 12.0x | 15.0x |
Sources: enverus.com, blackstone.com
Enverus Funding History
Enverus has raised a total of $35M across 2 funding rounds.
Enverus' first fundraising round was a $25M undisclosed-stage round in September 2013. The most recent completed round was a $10M Series A in March 2016.
Enverus funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2016 | Series A | - | $10M | Drillinginfo received $9.6 million in venture funding in March 2016. |
| Sep 2013 | Undisclosed stage | Cross Creek | $25M | Drillinginfo, an Austin-based energy software company providing data and intelligence to the oil and gas industry, raised $25 million in September 2013 to support growth initiatives. This followed a $165 million equity investment in March 2012 led by Insight Venture Partners, with participation from Battery Ventures and Eastern Advisors Private Fund. CEO Allen Gilmer noted the funding was not cash-driven but about securing the right partners, with proceeds allocated to projects enhancing predictability of oil and gas production, visible to clients in about two years. The company had been active in acquisitions, including Wellstorm Development Inc. for information management and County Scans for digitized U.S. mineral ownership data, to accelerate technology integration rather than building in-house. Drillinginfo operated in a competitive Austin energy tech landscape, with peers like RunTitle raising $4 million from Austin Ventures and DrillMap securing $6.5 million including from ConocoPhillips around the same period. |
Who has invested in Enverus?
1 investor has backed Enverus across its funding rounds, including Cross Creek.
Enverus Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Enverus
Enverus has acquired 22 companies to date.
Last acquisition by Enverus was on July 8th 2026. Enverus acquired TGS (A2D well log library unit) for $100M.
Latest Acquisitions by Enverus
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} TGS (A2D well log library unit) | |||||
| Description | TGS (A2D well log library unit) is a well data products business that holds the North American commercial well log library and associated subsurface data products. The business was operated through A2D, a subsidiary that TGS acquired in 2002, and the underlying library was first built by A2D Technologies starting in 1993. It licenses depth-calibrated raster logs, digital LAS files and interpreted formation tops covering the major producing basins of the United States. Customers are oil and gas operators, service companies and data users who access the library under licensing and subscription arrangements. The unit sat within the North American onshore data offering of TGS, an energy data and intelligence provider headquartered in Oslo, Norway. The library and its data products were sold to Enverus in 2026, while TGS kept a licence to use the library internally for its seismic data products. | PDS Energy Information (exchange platforms unit) is the group of operational data exchange platforms run by PDS Energy Information, an Austin, Texas provider of data sharing networks and data management services to the oil and gas industry. The unit comprises the Frac Interference Exchange, the Well Data Exchange, the Production Data Exchange and AquaTrade, which let operators, service companies and suppliers exchange data on completions, well files, production volumes and produced water logistics. PDS Energy Information was founded by Barry Barksdale, who serves as its president, and its own history page dates the business to 1991. The platforms serve supermajors, large publicly traded exploration and production companies, small independents and oilfield service providers, and the company supports them with onboarding, training and monitoring. The exchanges earn revenue from services sold to participating energy companies, and the same company also builds custom solutions such as field ticket management, regulatory form filing and field data capture for pumpers and production reporting. The platforms were sold to Enverus in June 2026. | Spatial Business Systems is a Denver-headquartered provider of GIS and CAD integration software for utilities, telecom, and government clients. The firm's Location Intelligence Platform connects ESRI ArcGIS with AutoCAD, streamlining asset management, network tracing, and work order automation. SBS serves over 100 organizations including Xcel Energy and CenturyLink, reducing operational costs through spatial data workflows. | Pearl Street Technologies is a Boulder, Colorado-based software provider offering a cloud platform for power grid simulation, optimization, and planning. Its tools automate base case model generation, scenario analysis for renewable integration, and long-term transmission expansion planning. Grid operators like CAISO and utilities such as Xcel Energy use the platform to evaluate high-voltage lines and storage projects under NREL standards. Founded in 2020, the company integrates with tools like PSS/E and PowerWorld for hybrid AC-DC grid studies. | |
| HQ Country | | | | | |
| HQ City | - | Austin | Lakewood, NJ | Pittsburgh, PA | |
| Deal Date | 8 Jul 2026 | 30 Jun 2026 | 3 Mar 2026 | 13 Mar 2025 | |
| Valuation | $100M | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Enverus Competitors
Enverus competitors include listed companies like Baosight, Beijing Compass Technology and Morningstar, and private ones like Kraken, Aurora Solar and Kpler.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 China | Publicly listed | $1.6B | $283M | $6B | 3.3x | |
| China | Publicly listed | $322M | $47M | $5.9B | 11.2x | |
 London | Private | - | - | $8.7B | - | |
| San Francisco, CA | Private | $100M | - | $4B | 40.0x | |
| United States | Publicly listed | $2.4B | $714M | $9.1B | 3.9x | |
 Brussels | Private | $300M | - | $3.7B | 12.3x |
Enverus Public Comps
Enverus is no longer listed, but its public comps include Baosight, Beijing Compass Technology, Mobility Global, Marex Group, CRISIL, Shenzhen Fortune Trend, TP ICAP, Morningstar, Servyou Software Group and TGS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $283M | 3.6x | 3.3x | 21.1x | 18.2x | |||
| $322M | $47M | 12.5x | 11.2x | 86.8x | 95.6x | |||
| $1.8B | $637M | 4.6x | - | 12.7x | - | |||
| $3.6B | $1.2B | 2.8x | 3.8x | 8.5x | 12.5x | |||
| $388M | $124M | 8.5x | 7.1x | 26.6x | 24.1x | |||
| $55M | $50M | 54.9x | 54.6x | 60.7x | 62.6x | |||
| $3.2B | $502M | 0.1x | 0.1x | 0.4x | 0.3x | |||
| $2.4B | $714M | 4.3x | 3.9x | 14.6x | 12.4x | |||
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Common questions about Enverus
| When was Enverus founded? | Enverus was founded in 1999. |
| Where is Enverus headquartered? | Enverus is headquartered in Austin, TX, United States. |
| Is Enverus publicly listed? | No, Enverus was acquired by Blackstone in August 2025. |
| Who acquired Enverus? | Enverus was acquired by Blackstone in August 2025. |
| How much was Enverus acquired for? | Enverus was acquired for $6B in August 2025, a 12.0x revenue multiple. |
| How much funding has Enverus raised? | Enverus has raised $35M across 2 funding rounds. |
| What was Enverus' last funding round? | Enverus' last funding round was a $10M Series A in March 2016. |
| Who are Enverus' investors? | Enverus' investors include Cross Creek. |
| Which companies are comparable to Enverus? | Companies comparable to Enverus include Baosight, Beijing Compass Technology, Kraken, Aurora Solar, Morningstar and Kpler. |
| How many companies has Enverus acquired? | Enverus has acquired 22 companies, including TGS (A2D well log library unit), PDS Energy Information (exchange platforms unit), Spatial Business Systems (SBS), Pearl Street Technologies and BidOut. |
| What was the largest acquisition by Enverus? | The $1B acquisition of RS Energy Group in February 2020 is the largest acquisition Enverus has made to date. |
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