Utilitywise posts strong profit, spends it on t-Mac acquisition

From left to right: Geoff Thompson (CEO), Andrew Richardson (CFO) and Adam Thompson (COO)
From left to right: Geoff Thompson (CEO), Andrew Richardson (CFO) and Adam Thompson (COO)

Utilitywise has acquired utility management software firm t-mac Technologies Ltd (t-Mac). The deal values the software company at around £10 million and comes as Utilitywise posts strong financials for the six months to January.

t-mac provides real-time energy and environmental metering and monitoring as well as building controls and equipment performance management. Its software means users can analyse, manage and operate one or many buildings through single software interface.

Utilitywise plans to roll that into its Utility Management Plan, its full service suite that covers energy and gas from procurement to management, monitoring and reduction.

Geoff Thompson, CEO of Utilitywise, said the deal was a reaction to customer needs. “We know that they are increasingly looking for rapid impact, cost-effective services that give them more control over electricity, gas and water usage and protect their businesses against future price volatility. Our services – delivered as part of a complete Utility Management Plan – are about helping our customers drive their business efficiency. As a business we have always invested technology to deliver added-value services to our customers and we were impressed with t-mac’s innovative, market-leading cloud-based solutions.

“This acquisition will allow us to reach new customers and to provide energy monitoring and controls services to our existing customer base of more than 23,000 SME and I&C customers. The team at Utilitywise believes passionately in making the energy sector easier to do business with, and we’re excited to be working with Lisa Gingell, Jonathan Wilkinson and their fantastic team to bring our combined offer to market.”

The deal was announced as Utilitywise posted strong growth for the six months to January. Revenue for the period grew 42 per cent year on year to £29.9 million. Profit grew 49 per cent to £7.3 million.

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