Sydney – Simble Solutions Limited (Simble), an Australian enterprise software company, has announced the opening of its initial public offering to raise up to $7.5 million at an offer price of $0.20 per share. Following completion of the offer, the company intends to list on the ASX at the end of February 2018.
Part of the proceeds of the offer will be used to accelerate commercialisation of the company’s Simble Energy Platform, an integrated, end-to-end solution that combines the company’s software-as-a-service (SaaS) platform with energy meters that can monitor, control and monetise power usage in real-time. The solution principally caters to SME and enterprise markets across a range of industries, including retail, healthcare, utilities, construction, hospitality and industrial.
As penetration rates of smart electricity meters in the developed world are expected to rise to 60 – 80% by 2022, Simble Energy offers ‘2-way Smart Control’ functionality, enabling businesses to remotely action and automate energy savings opportunities at the circuit and plug level. In addition, Simble’s channel partner approach to marketing is intended to allow Simble to leverage off the existing customer base of its partners.
Fadi Geha, CEO of Simble, said that rises in energy costs had resulted in exciting growth opportunities for the energy management software market.
“Data is de-commoditising the energy industry. This is a huge opportunity for channel partners across telecommunications companies, utilities, financial and energy service providers to complement their existing products and services mix with real-time energy monitoring.
Simble Energy can be used to engage with a channel partner’s retail customers better by identifying areas where they can add value, such as by installing solar panels or other energy-efficient hardware,” he said.
“Our software is currently used in Australia as well as the UK, and we are looking to add over 200 SME customers per month based on our existing sales pipeline,” said Mr Geha.
Globally, the market for energy management software was estimated to be worth US$32.4 billion in 2016, and it is projected to grow at an average annual compound rate of 18.5%, reaching US$76.7 billion by 2021.
Simble and its subsidiaries have served more than 50 enterprise customers across Australia, New Zealand and the UK since 2009. It has dual R&D capabilities in Da Nang, Vietnam and in Sydney, Australia, along with operating offices in Melbourne, Auckland, London and Dubai.
Simble has lodged a prospectus for the offer with ASIC and the ASX, a copy of which can be found here https://simblegroup.com/investors.