Mergers and Acquistions News
Categories: Hardware, Software
May 26th 2010, 15:35PM
Bglobal, a firm specialising in smart meter reading and energy management, has announced the acquisition of energy-data software firm Utiligroup.
The deal will be worth £5.3 million in cash and shares, with an additional £7.5 million being paid dependent upon the performance of Utiligroup over the next year.
Some £6.5 million was raised by the placing of ordinary shares and a further £1.5 million is to be raised through an open offer to shareholders, both at 38p.
Tony Barnes, chief executive of Bglobal believes the company is well-placed to take advantage of new trends in the market.
He said: "Utiligroup is the UK's leading energy data software specialist and together with smart metering leader Bglobal Metering we are creating the UK's premier energy data solutions business."
Bglobal currently accounts for one per cent of the entire UK electricity market with 100,000 of its smart electricity meters in businesses.
Utiligroup includes Utilisoft Ltd, which deals in software products for the UK and Europe.
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