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

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments