Tuesday, 08 December 2020 10:44

Melbourne energy tech firm expands into UK with acquisition

Melbourne energy tech firm expands into UK with acquisition Image by Colin Behrens from Pixabay

Melbourne-based energy technology firm Bill Identity — formerly known as BidEnergy — has purchased British energy management software provider Optima for £5.4 million (A$9.8 million).

In a notice sent to the ASX, Bill Identity said Optima had 51 customers and more than 196,000 meters under management.

It said the acquisition would be paid with £3.2 million (A$5.8 million) in cash up front, 3384 million shares to be issued to Optima vendors at $1.16 a share (A$3.9 million) and a deferred payment in cash, provided Optima achieved certain performance milestones within a year after the purchase.

Bill Identity will raise $15 million through a share raising, with the shares valued at $1.07 each.

Bill Identity managing director Guy Maine said: "[We are] very excited to take the next step on its journey to becoming a major global player in the utility bill management sector.

"The acquisition of Optima will accelerate our growth and penetration in the UK market, and offers the potential for expansion in both the UK and European markets.

"We welcome the Optima team and customer base and look forward to bringing value through what will be a best-of-breed robotic process automation platform."

Optima managing director Steven Wright commented: "I am really excited that Optima has joined the Bill Identity family, which is a natural home for the Optima business. Both have a customer-focused approach to delivering innovative software solutions.

"Bill Identity's global client base gives the combined companies the opportunity to deliver a market leading platform for utility bill management, procurement, carbon and sustainability, and tenant on-charging."

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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