Rubicon Partners is pleased to announce the sale of Evolve Analytics Limited (“Evolve”), a market leading provider of energy data analysis software and services provider in the UK, to Gentrack Group Limited (NZX/ASX: GTK).
Evolve specialises in the identification and correction of settlement and billing errors as well as the accuracy of standing data. Customers include three of the “Big 6” energy suppliers in the UK, as well as a number of independent challenger utilities, with Evolve capturing data for over 17 million meter points. The software, analytical systems and methodologies developed by Evolve deliver significant financial and operational performance benefits for clients. Evolve offers their extensive Intellectual Property on a Software as a Service (SaaS) basis delivering a high proportion of recurring revenue (FY19 forecast 58%) and margins in excess of 50%.
The acquisition of Evolve further strengthens Gentrack’s position as an industry leader in the UK for utility billing and customer information systems by providing highly complementary software services, intellectual property and customer relationships.
John Clifford, Gentrack Chairman said, “We are delighted that Evolve is joining the Gentrack group. The combined UK business is well positioned to provide highly 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 acquisition of Evolve 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. 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.”
The senior management of Evolve will remain with the business to drive its ongoing success.
Rubicon acquired Evolve in January 2016 as part of the acquisition of the EnServe Group with a strategy of establishing each of the group companies (Freedom, Metro Rod, Meter-U and Evolve Analytics) as stand-alone businesses. Under its stewardship, Evolve transitioned its business model from a business-to-business analytics service company serving the energy utility market to a SaaS model with long term recurring contracts.