Gentrack to buy Evolve Analytics for $41.1m

Company News

by Rachael Jones

Auckland-based software company Gentrack (ASX:GTK) is to buy will buy Evolve Parent and Evolve Analytics, provider of energy data analysis software and services provider in the UK for $41.1 million.

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 acquisition, for which settlement is expected on June 29, will be funded through an extension of Gentrack’s debt facilities with ASB Bank, raising it by $47 million from the current $50.5 million.

Shares in Gentrack (ASX:GTK) are up 1.04 per cent to $6.82

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.