Enphase Energy Enhances its Digital Platform with the Acquisition of Sofdesk Inc.

Rhea-AI Summary

Enphase Energy Acquires Sofdesk to Enhance Solar Installer Solutions

FREMONT, Calif., Jan. 26, 2021 - Enphase Energy (NASDAQ: ENPH) has finalized its acquisition of Sofdesk Inc., a leading provider of digital sales acceleration software for solar and roofing companies. The acquisition strengthens Enphase's position in the solar market by integrating Sofdesk's Solargraf software, which streamlines the sales and installation processes for solar installers. By adding valuable digital tools, Enphase aims to improve customer experiences and expand its installer network, while benefiting from Sofdesk's expertise in AI and machine learning.

Positive

• Acquisition of Sofdesk enhances Enphase's digital offerings for solar installers.
• Sofdesk's Solargraf platform will improve customer experience and streamline sales processes.
• Access to a talented team specializing in AI and machine learning accelerates product development.
• Expansion into roofing contractor market through Roofgraf presents new revenue opportunities.
• Strengthened installer network with over 700 Sofdesk partners.

Negative

• None.

Expands Digital Offering for Solar Installers to Simplify and Shorten the Sales and Installation Process

FREMONT, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, today announced the closing of its acquisition of Sofdesk Inc., headquartered in Montreal, Canada. Sofdesk’s Solargraf^TM integrated software platform offers the industry’s leading digital tools and services designed to simplify and accelerate the end-to-end sales process across the residential solar industry.

The Solargraf platform provides solar installers with critical pre-sales engagement design, quoting and work-flow management from any PC, tablet or mobile device. In addition, Sofdesk also offers Roofgraf^TM, a software product that enables roofing contractors to generate homeowner proposals using advanced machine learning technology.

The acquisition is expected to provide the following benefits:

• Secures a software platform that helps create a reliable and predictable buying experience across the residential solar market, leading to better customer experiences
• Adds significant resources to accelerate the software product roadmap and provide best-in-class customer service to Sofdesk’s 700+ solar installer base
• Offers digital sales enablement tools and services to the Enphase Installer Network for homeowner proposal generation, permitting, third-party financing, and post-sales support
• Develops a new customer segment of roofing contractors that subscribe to Roofgraf, Sofdesk’s roofing software
• Augments Enphase’s existing software engineering capabilities with a talented team of software engineers with Artificial Intelligence and Machine Learning expertise
  

“We are thrilled to join forces with Sofdesk,” said Badri Kothandaraman, president and CEO of Enphase Energy. “Our companies share a commitment to transform the solar industry with advanced technology. We are delighted to welcome Sofdesk’s installer partners to Enphase and look forward to working with the talented team at Sofdesk to help reduce solar soft costs and improve the overall installer experience.”

“This acquisition supercharges Enphase’s digital transformation efforts,” said Jayant Somani, vice president of digital transformation at Enphase Energy. “With these tools, residential installers can drive the industry towards better customer journeys, create happier customers, and help accelerate the transition to clean energy.”

“I am very proud of the company we built and excited about our future with Enphase,” said Lennie Moreno, founder and CEO of Sofdesk Inc. “Our products have been embraced by leading installers and roofing contractors in North America, and we look forward to working with Enphase to expand our offering internationally and into the small commercial segment to deliver the best installer and homeowner experiences in solar, storage, and roofing.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 30 million microinverters, and approximately 1.3 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy, Enphase, the E logo, and other trademarks or service names are the trademarks of Enphase Energy, Inc. Solargraf and Roofgraf are the trademarks of Sofdesk Inc. Other names are for informational purposes and may be trademarks of their respective owners.

About Sofdesk Inc.

Sofdesk is an industry-leading organization that builds intuitive sales acceleration software for everyday use by solar and roofing companies. By offering an end-to-end business management solution, Sofdesk empowers small to medium-sized companies to be competitive in these ever-growing industries and improve the scalability of their businesses through our powerful web-based platform. For more information, visit www.sofdesk.com.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s and Sofdesk’s technology and products, including operational and costs improvements for solar and roofing installers; our business strategy including expansion and the market adoption of our products; and the anticipated homeowner and installer experiences in the quoting, sales and installation process. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties, including those risks described in more detail in Enphase's most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC's website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Enphase Contact:

Adam Hinckley
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
+1-707-763-4784, x. 7354

FAQ

What is the significance of Enphase's acquisition of Sofdesk?

The acquisition strengthens Enphase's offerings by integrating Sofdesk's software, improving the sales and installation process for solar installers.

How will the Sofdesk acquisition impact Enphase's business?

It is expected to enhance customer experiences, expand the installer network, and streamline operations through advanced digital tools.

What technologies does Sofdesk bring to Enphase?

Sofdesk's Solargraf and Roofgraf platforms utilize machine learning to assist solar installers and roofing contractors with sales proposals and management.

When did Enphase complete the acquisition of Sofdesk?

Enphase completed the acquisition on January 26, 2021.

What new markets is Enphase targeting post-acquisition?

Enphase aims to expand into the roofing contractor segment with Sofdesk's Roofgraf software.