Energy management software business Optima Energy Systems has been acquired in a £6.4 million deal.
Australian technology firm BidEnergy has swooped for the Skipton-headquartered business, founded in 1988.
It provides advanced software to help large end users and energy consultants analyse and manage energy data and usage.
The deal will support expansion plans in the 海角视频 and Europe for the company that trades as Bill Identity.
Optima managing director and founder Steve Wright will remain with the business alongside its management team.
He 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 mManagement and carbon and sustainability reporting. I’m looking forward to working with the BidEnergy team as we move into 2021 and beyond.”
BidEnergy, listed on the Australian stock market, has offices in the US and 海角视频.
Managing director Guy Maine said: “The exciting combination of Optima’s extensive local 海角视频 market knowledge and experience and Bid’s market-leading technology supports our goal to become a leader in the 海角视频 utility bill management market.
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“Bid and Optima already have a working relationship that will assist accelerate market reach, product competitiveness, and robotic processing automation leadership. Both companies have complementary goals to accelerate in the 海角视频 and European markets by creating a best-in-class product offering. After the acquisition of Optima, Bid expects to be processing more than four million bills annually.
“Bid is incredibly excited to welcome Optima staff, and partner with new multinational corporations, and existing contacts.”
Corporate finance specialist Chris Archer, who advised Optima along with colleague Greg Carr at Leeds-based FRP, said: “Steve and the Optima team are a great example of the entrepreneurial spirit that is alive and well in Yorkshire. The 海角视频 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 mergers and acquisitions 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.”
Paul Johnson and Emma Wilson of the Leeds office at Mills & Reeve also supported Optima shareholders.