BidEnergy Acquires Optima Energy Management for £5.4m 

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• BidEnergy Acquires Optima Energy Management for £5.4m 

16 February 2021

Bid has acquired Optima Energy Management Holdings Ltd in a £5.4 million deal.

The acquisition is intended to accelerate Bid’s market penetration in the UK and “create a compelling customer proposition” in the UK and European markets.

Optima is a UK-based energy management software business with 51 customers and 196,400+ meters under management. BidEnergy is an Australian-based technology company, whose cloud-based platform helps to simplify the utility bill management process for organisations.

 

Utility Bill Management Solutions 

 

Bid believes that the acquisition creates the opportunity for Bid to leverage Optima’s international client base to drive growth globally, and provides further opportunities for Bid to scale its platform with customers within its four key revenue pillars.

Bid will integrate key elements of Optima’s platform into Bid’s Robotic Processing Automation (RPA) platform to build a "best of breed" utility bill management solution for the UK and European markets.

Optima is one of the UK’s leading energy management software providers and has established a strong reputation and brand recognition within the UK public and private sectors. Optima’s software platform provides bill validation, budgets and accruals, and tenant and self-billing, via a predominantly self-service model. Bid already has a long term relationship with Optima, having provided data collection services to support a limited part of their core business.

Optima’s management will work with Bid to transition all key customers as soon as possible. Optima’s Managing Director will be retained for at least 12 months to assist with the transition of Optima clients to the Bid platform.

Bid’s Managing Director, Guy Maine, commented: “Bid is very excited to take the next step on its journey to becoming a major global player in the utility bill management sector. The acquisition of Optima will accelerate our growth and penetration in the UK market, and offers the potential for expansion in both the UK and European markets.

“We welcome the Optima team and customer base and look forward to bringing value through what will be a best of breed RPA platform.”

Optima Managing Director, Steven Wright, added: "I am really excited that Optima has joined the Bid family, which is a natural home for the Optima business. Bid and Optima both have a customer-focused approach to delivering innovative software solutions.

"Bid’s global client base gives the combined companies the opportunity to deliver a market-leading platform for Utility Bill Management, Procurement, Carbon & Sustainability, and Tenant On- Charging. I look forward to working with the Bid team as we move into 2021 and beyond." 

Picture: a photograph of a handshake

Article written by Ella Tansley | Published 16 February 2021

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