Simble makes it look simple with major UK contract
Shares in Simble Solutions Ltd (ASX:SIS) surged 25% on Wednesday morning after the company provided a promising update in relation to its expansion strategy in the UK.
As a backdrop, Simble is an Australian software company focused on energy management and Internet of Things solutions, and it has already made substantial inroads in terms of providing integrated hardware and real-time software solutions for the energy sector in Australia and the UK.
Simble has just been chosen to provide its energy analytics solution to RATP Dev London (RATP Dev) the leading operator of bus services in and around the capital on behalf of Transport for London (TFL).
Simble’s technology will be deployed as part of an energy efficiency and baseline measurement program undertaken by Powercor Ltd.
Client transports 249 million passengers annually
The importance of this contract can be measured by the sheer weight of commuters that rely on RATP Dev as it manages on behalf of TFL a fleet of over 1,100 vehicles across 97 bus routes transporting 249 million passengers annually.
RATP Dev also has 13 operational garages and maintenance depots.
The SimbleSense Platform will be deployed across all 13 operational garages and maintenance depots of RATP Dev.
The platform will connect via Internet of Things (IoT) technology to a range of energy metering devices, providing detailed measurement, reporting and verification of all energy efficiency initiatives.
Simble’s technology is offered under a five-year recurring Software-as-a-Service subscription model.
Management’s targeted UK expansion strategy is designed to leverage strong demand trends for smart energy efficiency technologies and harness major synergies involving its IoT and analytics capabilities.
Upcoming market update could be a catalyst
Highlighting the financial and environmental benefits that stem from using Simble’s technology, chief executive Fadi Geha said, "We are excited to be working alongside our partner Powercor to help Transport of London become smarter and reduce its energy footprint as we showcase the economic and environmental benefits of our disruptive Energy and IoT Platform for a high profile client.
"We are thinking about a future of London that will use technology and innovative data collection to enhance the lives of its residents and increase the competitiveness with other cities.
“One contract at a time we are helping London become just that.”
The award of this contract further validates management’s UK expansion strategy and underlines the accelerating momentum that has been experienced since the beginning of the calendar year.
Management continues to see strong growth at its Simble Energy division and an imminent market update relating to the group’s fast growing pipeline could be a trigger for further share price momentum.
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