Australian tech firm powers up with £6.4m acquisition of Yorkshire energy software business
A Yorkshire energy software business has announced that it has been acquired by an Australian technology firm in a £6.4m deal.
Optima Energy Systems, headquartered in Skipton, has been acquired by Australian technology firm BidEnergy, which has offices in Australia, the US and the UK.
The acquisition will see BidEnergy expand its presence in the UK, supporting its expansion plans in Europe, with the business earmarking UK opportunities for growth.
The utilities bill solutions provider is looking to benefit from access to Optima’s market leading technology and customer base in the UK..
Steve Wright, managing director at Optima, said: “BidEnergy is a natural home for the Optima business going forward.
“We share a customer focused ethos of delivering innovative software solutions and the combined business will have a global presence to deliver a market leading platform for all aspects of utility bill management and carbon and sustainability reporting.
“I’m looking forward to working with the BidEnergy team as we move into 2021 and beyond.”
Chris Archer, at FRP, advisors on the deal, added: “Steve and the Optima team are a great example of the entrepreneurial spirit that is alive and well in Yorkshire.
“The UK represents a concentrated energy market five times larger than Australia’s, making the business an ideal candidate for an international buyer like BidEnergy.
“Confidence is evident in the M&A market in Q4 2020 and it will be no surprise to see increased appetite among overseas investors looking to tap into the outstanding digital credentials of businesses here in Yorkshire and the wider north.
“We wish Steve, Optima and BidEnergy every success as a combined group.”
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