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