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Hansen Technologies acquired Utilisoft, the Australian energy market software subsidiary of the UK-based Utiligroup Ltd, with effect from 1 March 2013. Terms of the deal were not released.
UItilisoft operates in the gas and electricity markets and provides software solutions for real-time energy market interaction and transaction data management for generators, traders, retailers and other participants in the Australian energy market.
In a statement explaining the rationale for the acquisition, Hansen noted that Utilisoft's solutions are complimentary with its own and frequently interface into Hansen's billing software.
"It therefore represents an extension to Hansen's billing and customer care product suite for the energy industry in the Australian market."
As a result of the deal Hanson picks Utilisoft's 15 customers in Australia and about $4 million in revenue, thereby extending its reach into the local energy market.
According to Andrew Hansen CEO, "Hansen is the logical owner for the Utilisoft business in Australia. Their product offering, electricity and gas market industry focus and Australian customer base is entirely complimentary with Hansen. The purchase is being funded entirely from Hansen's existing internal cash resources.
In its most recent financial filing to the ASX Hansen described its H1 result as "disappointing" with a 5.6 per cent revenue decline to $26.7 million translating into a 46 per cent profit decline. Its profit for the half was $3.8 million.
According to its H1 financial report, "A quieter new business market generally coupled with delays in decision making on potential new projects and a consistently high Australian dollar have all contributed to lower revenues so far this year than we were forecasting. As previously advised we have been at the same time investing in our delivery capacity and growing our USA operations. The combination of these factors has resulted in a disappointing first half year result."
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