Simble Releases AGM Report And Extends Partnership With BidEnergy

  • May 27, 2019 AEST
  • Team Kalkine
Simble Releases AGM Report And Extends Partnership With BidEnergy

Simble Solutions Limited (ASX: SIS), a subsidiary of Simble Corporate Limited and an Australian software developer, reported an array of notification on 27th May 2019. The company presented its AGM presentation, wherein, Simble mentioned the outlook for its energy solutions.

The company estimates that there are over 2 million SMEs in need for energy efficiency solutions in Australia and the power prices continue to rise, which would hurt the businesses and households. Simble’s energy solutions would cash in the opportunity by providing efficient solutions in the energy sector.

The company’s business logic behind Australian operations (Source: Company’s Report)

Also, on the UK business front, the company is targeting the energy broker market in partnership with BidEnergy, and the demand for smart energy technology in the UK is pushing the business model.

The Company’s business logic behind UK operations (Source: Company’s Report)

Further, SIS announced an extension of its recently announced partnership with BidEnergy Limited (ASX: BID), an Australian technology company, and UCR Consultants, a UK energy broker.

Simble plans to target the energy broker market in the United Kingdom by utilising BidEnergy’s RPA BidBilly platform to manage the core data requirements of Small and Medium Enterprises in the United Kingdom.

The company will integrate the BidEnergy’s Robotic Processing Automation (RPA) platform with its smart energy technology solutions. The integrated technology would deliver value to the end consumers of the energy brokers in the UK. UCR Consultants, the company’s partner, would become the first energy broker to provide an end-to-end solution.

Simble mentioned that the partnership with UCR returned promising results, and the company was able to onboard the clients, which marked a strong customer demand and adoption of SIS’s disruptive energy analytics solution.

Post evidencing successful proof of concept, UCR signed a material expansion with the company, of the existing agreement to roll out the integrated solution created by the successful integration of SIS’s and BidEnergy’s solutions, to up to 60,000 meters over an agreed timeframe.

UCR a non-exclusive distributor to the UK energy broker channel is further targeting 200,000 meters, which takes the value of market opportunity of the company with UCR to A$27.6 million or 15 million euros.

The previous deal accounted for A$3.9 million or 2.2 million euros; however, the updated agreement represents the deal value of A$6.4 million or 3.5 million euros.

The current Non-Executive Chairman of the company, Mr Philip Tye, mentioned that the company had invested heavily in the technology, partnership and sales infrastructure, which in turn, would allow the company to leap and gain market share leveraging core capabilities.

The key results of the above-mentioned AGM are as follows:

Source: Company’s Report

Source: Company’s Report

Price Actions:

The shares of the company moved in a downtrend from the level of A$ 0.135 (Day’s low on 28th February 2019) to the level of A$0.030 (Day’s low on 22nd May 2019). The share prices have moved up from the level of A$0.030 to the present level closing price of A$0.047 (as on 27th May 2019), up by 4.444% from its previous close.


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