All Access

M&A Deals

M&A Deals Alerts

Alert

Render Networks, a construction SaaS developer, is acquiring utilities software company mPower Innovations, CEO Stephen Rose tells Axios Pro exclusively.

The big picture: Utilities are facing an AI-driven boom in power demand.

Zoom in: Rose declined to share financial terms but says Render raised an additional A$20 million ($14.3 million) from Black Kite.

How it works: If Render Networks' tools are for building utilities, mPower's software is for managing and maintaining them, says Rose, who previously led IBM's global industries business.  

Telcos make up about 70% of Render's revenue, but the company expects growth to come from electrical utilities.

Catch up quick: Render Networks, based in both Denver and Melbourne, Australia, was acquired by the Australian pension fund manager IFM Investors in 2022 for a reported A$40 million. IFM then carved out its PE arm, renaming it Black Kite Partners.

Zoom out: U.S. utilities are expected to spend $1.4 trillion over the next five years to upgrade the aging power grid.

What they're saying: "Those grid systems are being built on software that is not able to meet the demands of the massive amounts of scale that we're talking about here," Rose says.

Exclusive: Render Networks bets on grid boom with mPower buy

Black Kite Partners is investing another A$20m alongside the deal.

Illustration of an electricity pylon with a dollar sign at the top.

Render Networks, a construction SaaS developer, is acquiring utilities software company mPower Innovations, CEO Stephen Rose tells Axios Pro exclusively.The big picture: Utilities are <a class="gtmContentClick" data-vars-link-text="facing" data-vars-click-url="https://www.axios.com/pro/climate-deals/2025/04/17/onsite-power-ai-utilities" data-vars-content-id="6d698813-0b63-4d58-9356-6e96c3d27741" data-vars-headline="Exclusive: Render Networks bets on grid boom with mPower buy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2025/04/17/onsite-power-ai-utilities" target="_self">facing</a> an AI-driven boom in power demand.

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

c-suite

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

charlotte

salt-lake-city

denver

boulder

kansas-city

austin

chicago

dallas

detroit

washington-dc

atlanta

indianapolis

nashville

nw-arkansas

columbus

richmond

san-francisco

boston

des-moines

houston

phoenix

miami

philadelphia

seattle

new-orleans

colorado-springs

huntsville

raleigh

san-antonio

twin-cities

pittsburgh

arapahoe

douglas

san-diego

tampa-bay

portland

cleveland

axios-local

axios-pro

axios-live

the-axios-show

Exclusive: Render Networks bets on grid boom with mPower buy

What to read next