Energy Assets Group plc, the UK provider of industrial and commercial gas metering services in the UK, has acquired the entire issued ordinary share capital of Origin Technical Business Services Limited, a provider and developer of mobile works management systems, data capture, data hosting and analysis services to both Energy Assets and a number of other customers within the utility sector.
The total value of the transaction is £0.85m. It includes an initial payment of £0.4m, a deferred consideration of £0.25m and an amount of £0.2m for the completion cash balance.
Phil Bellamy-Lee, Chief Executive of Energy Assets, said, “The software services that Origin provides are key components of our bespoke management systems and the acquisition will enable Energy Assets to further improve the service offering provided to our customers through differentiated technology.”
Based in Chesterfield, Origin was established in 2001 by Simon Matthews as a spin off from British Gas contractor, Thomas Bermingham. The company has nine employees including a team of software development engineers. Origin has a long standing relationship with Energy Assets Group and currently provides the software interface and on-site mobile installation and audit platform for Energy Assets’ project and supply chain management platform ‘TEAMS’. All intellectual property rights will transfer on acquisition.
UK, Blackburn, Lancashire
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