Two complementary Central Ohio software companies serving utilities, telecoms and the energy industry have merged.
Irth Solutions LLC, owned by private equity firm Blackstone Inc., has acquired GeoAmps LLC. Terms were not disclosed.
The combined company has 128 employees, including a tech team in India. The company has adopted a hybrid home, office or co-working model. Offices combine at Irth's Upper Arlington headquarters, 5009 Horizons Drive, a spokesman said via email. No headcount reductions are planned.
GeoAmps co-founders, the married team of CEO Yogesh Khandelwal and COO Leena Madan, join Irth as executives. They started the business in 2001 in Powell.
"The merger with Irth Solutions marks a significant milestone in our journey to transform the infrastructure and construction sectors," Khandelwal said in a LinkedIn post announcing the acquisition.
"Together, we have the opportunity to redefine industry standards and revolutionize the way projects are planned, executed, and managed. With Blackstone's backing, we are poised to expand our reach and deliver exceptional value to our clients worldwide."
In 2017. Khandelwal was named executive of the year in Columbus Business First BizTech Awards.
In a release, Irth CEO Brad Gammons said the two had "natural adjacency."
Irth's workflow management software helps clients prevent damage and manage risk in critical infrastructure in multiple industries such as gas and electric distribution, telecommunications networks and the government. GeoAmps software, which will take on the Irth brand, replaces ponderous spreadsheets for managing land rights for such networks.
Neither company discloses revenue.
Blackstone (NYSE: BX) acquired Irth at the end of 2021 for undisclosed terms, according to a release. As an operating unit, it is not large enough to be listed in Blackstone regulatory filings.
Founded in 1985, Irth went through a series of private equity recapitalizations, including in 2010, 2012, 2015 and 2019, according to news releases by the investment firms.
Columbus-based Crane Group bought a majority stake in 2013, selling some to become minority owner in the 2015 deal. Main Street Capital, which had been a larger investor from 2010 to 2015, in fall 2021 reported the fair market value of its remaining 3.1% stake at $2.8 million, according to a regulatory filing, which would value the company at $91 million.
