Menu
Gentrack buys UK-based SaaS firm Evolve Analytics

Gentrack buys UK-based SaaS firm Evolve Analytics

Gentrack extends its debt facilities to buy UK utilities analytics software specialist

Utilities software specialist Gentrack is buying a UK SaaS analytics vendor

Utilities software specialist Gentrack is buying a UK SaaS analytics vendor

NZX-listed Gentrack Group has sealed an unconditional agreement to acquire Evolve Analytics, a UK provider of energy data analysis software and services for $44.2 million.

Evolve specialises in the identification and correction of settlement and billing errors as well as the accuracy of standing data, Gentrack said today.

Three of the top six energy suppliers in the UK, as well as a number of independent challenger utilities,  use Evolve's software and services.

Evolve offers its platform on a software-as-a-service (SaaS) basis delivering a high proportion of recurring revenue (2019 forecast 58 per cent) and margins in excess of 50 per cent.

Gentrack chair John Clifford said the combined UK business is well positioned to provide innovative, value enhancing solutions to UK energy and water utilities and provides a strong base for expansion into new markets.

Ian Black, Gentrack CEO said the buyout extends Gentrack's offering into data settlement and billing reconciliation solutions. 

"Following the acquisition, Gentrack will have 53 utilities customers in the UK with an increased exposure to the "Big 6" energy suppliers," he said. "We expect the Evolve solutions to be highly valuable to our existing UK customer base, and there is an opportunity to extend this new offering to the Australian and New Zealand markets."

Settlement, to be fully funded through an extension of Gentrack’s debt facilities with ASB, is expected to occur on 29 June.

Gentrack said it currently has debt facilities of $50.5 million which will increase by $47 million under a new term facility.

The company is intending to undertake a fully underwritten pro-rata renounceable entitlement offer to reduce its debt, which will provide flexibility to support future acquisition and growth opportunities. It has appointed Deutsche Craigs Limited and UBS New Zealand Limited to manage any offer.

Evolve is forecast to achieve revenue of £3.1 million and EBITDA of £1.8 million in the year to 30 April.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags energyanalyticsWaterUtilitiesgentrackEvolve analytics

Featured

Slideshows

Tech industry comes out in force as Lancom turns 30

Tech industry comes out in force as Lancom turns 30

A host of leading vendors and customers came together to celebrate the birthday of Lancom Technology in New Zealand, as the technology provider turned 30.

Tech industry comes out in force as Lancom turns 30
The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Show Comments