US private equity firm TPG is to acquire GE Vernova’s Proficy industrial software business in a $600m deal, with GE Vernova planning to use proceeds to strengthen its grid software operations, according to a report by Reuters.
Proficy, which represents around 20% of GE Vernova’s electrification software revenue, provides tools that help manufacturers monitor and optimise production. The divestment marks a strategic shift for the energy equipment and services group, which reported $7.55bn in electrification software revenue in 2024.
The transaction, expected to close in the first half of 2026, will see TPG Capital assume ownership and control of Proficy, while GE Vernova retains a board observer seat. Additional earnout proceeds could be realised depending on future performance.
GE Vernova, which spun out from GE last year, has been restructuring to counter rising costs tied to tariffs and inflation. The company is simultaneously investing in its supply chain, including a $600m upgrade to US factories announced earlier this year.
Shares in GE Vernova fell 3.2% following news of the deal.
