4th March 2013. Hansen Technologies (ASX: HSN) has announced the acquisition of Utilisoft Pty Ltd, the Australian energy market software solutions subsidiary of the UK-based Utiligroup Ltd, which is being divested by Bglobal plc, a UK smart grid solutions provider listed on the London’s AIM stock exchange (AIM: BGBL).
The acquisition is for a cash consideration of A$3.5m, and the purchase is being funded from Hansen’s existing internal cash resources.
In the year ending 31 March 2012, Utilisoft Australia achieved revenue of A$3.52mn, operating profit of A$533k and profit before taxation of $578k. As at 31 March 2012 its net assets were A$593k.
Utilisoft Australia’s proprietary electricity and gas market access technology includes software solutions for real-time energy market interaction and transaction data management for generators, traders, retailers and other participants in the Australian energy market. Utilisoft’s software solutions are complimentary to and an extension of Hansen’s billing and customer care product suite for the energy industry in the Australian market.
The acquisition comes two months after Hansen’s acquisition of the pay-TV billing and customer service assets of Irdeto, divested by Naspers, a multinational group of media and e-commerce platforms listed on the South African stock exchange (JSE: NPN).
It also comes after a FY13 first half described by Hansen as “disappointing” with a 6% revenue decline to A$26.8m translating into a 46% decline in net profits after tax of A$3.8m.
In announcing the acquisition of Utlisoft, Hansen founder and CEO Andrew Hansen said, “Hansen is the logical owner for the Utilisoft business in Australia. Their product offering, electricity and gas market industry focus and Australian customer base is entirely complimentary with Hansen. I am pleased we have been able to complete this acquisition and l look forward to the Utilisoft business, products and staff being quickly welcomed into the Hansen Group”.
“Utilisoft’s 15 customers expands Hansen’s ongoing commitment to the Australian energy market. With revenues exceeding A$4 million in Australia, Utilisoft represents a growth in Hansen’s revenue streams. There are also international opportunities for the deployment of energy market solutions that leverage the Utilisoft technology and expertise.”
The sale of Utilisoft Australia will allow Bglobal to focus on its remaining UK operating businesses and continue to develop its “meter to cash” smart meter services platform. Tim Jackson-Smith, Bglobal CEO, commented: “The sale of our Australian subsidiary strengthens the Group’s balance sheet and provides us with the resources to accelerate the development and field testing of our PAYG solution for which we have seen strong interest from existing energy suppliers and social and commercial landlords. I would like to thank all of the team at Utilisoft Pty for their commitment and hard work and look forward to seeing the business develop under its new owner.”
About Hansen Technologies Limited
Founded in 1971, the Hansen Technologies Group (ASX: HSN) is a leading provider of software solutions for billing, customer care, metering and meter data management to electricity, gas and water utilities, telecommunication companies and pay TV providers. Hansen Technologies’ unique approach to best-fit solutions leverages the Peace®, Nirvanasoft and HUB CIS platforms as well as the ICC pay TV solution suite to develop, deliver, and support high-value solutions for clients in over 40 countries. In addition to solutions for the electricity, gas, water, telecommunications and pay TV sectors, Hansen Technologies also offers outsourcing and facilities management services from its purpose built facilities in Melbourne. Hansen also supports the Classic Superannuation administration solution.
Hansen has offices in Australia, USA, New Zealand, China and the United Kingdom.