t-mac technologies Acquired by Utilitywise PLC
Chesterfield based t-mac Technologies has been acquired for £10m by Utilitywise PLC, a leading independent utility cost management consultancy.
t-mac Technologies is a family-run business which began in 1978. The sale will see current directors Jonathan Wilkinson and Lisa Gingell remain at the helm while owners Alan and Irene Wilkinson retire.
t-mac allows clients to monitor and reduce their energy consumption, making savings and helping them comply with government legislation. It provides real-time energy and environmental metering and monitoring as well as building controls and equipment performance management. The interactive, cloud based central software platform means that users can analyse, manage and operate one or many buildings through a single software interface from anywhere in the world.
The sale, which was advised by BRM Solicitors, enhances t-mac’s existing customer relationships, whilst providing an opportunity for Utilitywise’s current customer base to benefit from t-mac’s cutting edge technology.
Lisa Gingell, co-founder and Director at t-mac Technologies, commented:-
“This is an exciting time for our business. We have truly valued the advice and support we received from the team at BRM who helped make this sale as seamless as possible.
“Working with the Utilitywise group we will continue to build business across UK, Europe and Asia Pacific and develop the t-mac brand of products and software as a service.”
Sarah Rowland, Head of the Company Commercial Team at BRM Solicitors, said:-
“t-mac and its directors are high quality and long-standing clients of BRM and we always enjoy working with them. We have seen t-mac grow from its incorporation and we are very proud to have been able to assist in this important evolution.
“My colleagues and I wish Irene and Alan well in their deserved retirement and Jonathan and Lisa every success in playing a key role in the future development of the t-mac brand and new products. We look forward to seeing the continued growth of the t-mac brand”.
The initial consideration payable is £10m, £6.25m in cash and 1,782,319 new ordinary shares in Utilitywise. Up to a further GBP £12 million will become payable once earn out accounts have been finalised, in cash (70%) and new Utilitywise shares. The initial cash consideration is being funded by a new £25 million revolving credit facility with Royal Bank of Scotland plc.
Utilitywise CEO, Geoff Thompson commented:
“The market for BeMS is growing and modern cloud-based Software as a Service (SaaS) platforms, such as t-mac, provide significant cost advantages over traditional solutions which require intensive capital investment and offer long term ROIs.
“We know that our customers are increasingly looking for rapid impact, cost-effective services that provide them with more control over their electricity, gas and water usage, to help drive their business efficiency agenda as well as mitigate against future price volatility. This acquisition continues to expand our broad range of services that address the breadth of our customers’ energy needs.
“The acquisition of t-mac Technologies will play a major role in helping us to deliver significant added-value services and develop closer, more profitable relationships with existing customers, as well as supporting our new customer acquisition strategy”.
