Junifer Systems Limited (“Junifer”) the UK based utility customer information and billing system provider is pleased to announce that it has entered into an unconditional agreement to be acquired by Gentrack Group Limited (NZX/ASX: GTK) through a wholly owned subsidiary. The transaction is expected to settle on 1st April 2017.
Junifer Utility CIS is the market leading utility customer information and billing system provider for energy retailers in the UK with 25 existing customers out of approximately 50 energy retailers in that market. Junifer’s technology is provided on a SaaS basis and offers new entrant utilities a cost effective and preconfigured solution.
The combined Gentrack and Junifer business will be the clear market leader by number of utilities in the UK with 32 customers, supported by 130 local staff and a full product range for energy and water utilities.
John Clifford, Gentrack Chairman said, “We are delighted to bring Junifer and Gentrack together in the UK. The combined UK business, under the leadership of Junifer CEO Saul Nurtman, will be well positioned to continue to provide highly innovative and low risk solutions to UK energy and water utilities, and from that strong base to expand into new markets.”
Ian Black, Gentrack CEO said, “The acquisition of Junifer delivers us the full range of product functionality from SaaS billing for new entrant energy and water retailers, to cloud hosted and on premise solutions for the largest utility players.
The combined product offering of Gentrack Velocity and Junifer Utility CIS is well positioned for growth, capitalising on the growing market share of Independent energy retailers, the UK smart metering roll-out, and retail competition in water for commercial and industrial consumers. Gentrack will also take Junifer Utility CIS into other geographic markets as a solution for new entrant and SME retailers.”
The Junifer founders will invest NZ$5.3m (£3m) in newly issued Gentrack shares. The key executives of Junifer will remain as part of the management team of the combined UK business.
Junifer was advised by Innovation Advisors, an independent, technology focussed, global investment bank.