Bglobal sells Australian business
SMART metering specialist Bglobal has sold its Australian subsidiary in a £2.3m deal.
The Australian division of its Utilisoft arm, which supplies software and data management services, has been bought by the Hansen Corporation.
Bglobal acquired the business when it took on Darwen-based Utilisoft in a £12.8m deal in May 2010.
In the year to the end of March, 2012, Utilisoft Australia had sales of £2.38m, operating profit of £360,000 and pre-tax profits of £390,000. Last March its net assets were £400,000.
Blackburn-based Bglobal said the sale would allow it to focus on developing its UK business. It now has around £3.4m in the bank.
Chief executive Tim Jackson-Smith said: “The sale of our Australian subsidiary strengthens the group’s balance sheet and provides us with the resources to accelerate the development and field testing of our PAYG (pay as you go) solution for which we have seen strong interest from existing energy suppliers and social and commercial landlords.
“I would like to thank all of the team at Utilisoft for their commitment and hard work and look forward to seeing the business develop under its new owner.”
