Bglobal Aquires Utilisoft
On the 26th May, Utilisoft announced its acquisition by Bglobal PLC. Utilisoft offers solutions to the Energy and Utilities industry primarily in the UK and Australia both on the wholesale trading and the retail sides of the market. I spoke today to John Furness, MD of UtiliGroup Ltd. to get some background on the transaction.
Mr. Furness told me it was business as usual with Utilisoft remaining pretty much autonomous as a result of the acquisition. “The Utilisoft management team is still in place and we continue to operate as we were.” he told me. He described the acquisition as a “good offer” at the right time as it remains difficult to raise capital to expand even as a private company with no debt and a good balance sheet. Utilisoft now had access to capital to continue to grow its business which included continuing to develop solutions on the gas trading side. Its set of trading solutions represent around 50% of its business.
