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Simble raises funds to accelerate growth
3 minute read
Simble Solutions Ltd (ASX:SIS), a software company focused on energy management and Internet of Things solutions, has received commitments to raise up to $1.89 million via a placement of up to 37.8 million fully paid ordinary shares at $0.05 per share to new and existing professional and sophisticated investors.
Simble has made significant progress over the past six months, having signed contracted recurring revenue to a value of approximately $7 million.
With a significant and growing pipeline of opportunities, proceeds from the placement will strengthen the company’s balance sheet and provide working capital to accelerate Simble’s growth and particularly its expansion plans in the UK where it has had considerable success.
The Simble Energy Platform or ‘SimbleSense’ is an integrated hardware and real-time software solution that enables businesses to visualise, control and monetise their energy systems.
The company’s Software as a Service (SaaS) platform has Internet of Things (IoT) capabilities and empowers enterprises and consumers to remotely automate energy savings opportunities to reduce their energy bill.
Simble operates in the small to medium enterprise (SME) and residential market and targets the distribution of its platform through channel partners.
The company has an international presence with offices in Sydney, Melbourne, London and Da Nang (Vietnam).
Expand channel partners and write new business
Simble continues to pursue new revenue generating contracts and to maximise value from the existing channel partner ecosystem.
Simble chief executive Fadi Geha highlighted the importance of the Placement in terms of executing on the company’s strategy in saying, "We have experienced accelerating momentum since the beginning of the calendar year and the raising will provide critical working capital to propel the growth of the company.
‘’Simble expects to use the net funds raised from the offer to convert its ever-strengthening pipeline of opportunities in the UK and drive significant revenue growth in 2020.
"We are delighted by the strong investor support for our growth strategy and we welcome several new high-quality sophisticated shareholders onto our register."
The Placement will settle in two tranches with the first scheduled to take place on July 31, 2019 through the allotment and quotation of shares which should occur on the ASX on August 1, 2019.
A general meeting of shareholders is required to approve Tranche 2 of the Placement which should occur in late August, and subject to shareholder approval Simble’s managing Director and Chairman have agreed to subscribe for $100,000 each in the Placement.
Injection of corporate experience is timely
Separately, Simble announced the appointment of Ben Loiterton as an independent non-executive director with effect from 24 July 2019.
Loiterton’s career spans over 28 years in investment banking, executive management and entrepreneurial activity.
He is an experienced public company director having served on three ASX-listed company boards, most recently Aeeris Ltd (ASX:AER), and various private company boards and advisory boards.
Loiterton’s extensive experience in driving commercial strategy and negotiating corporate finance and equity raisings, as well as his awareness of corporate initiatives such as mergers and acquisitions should prove invaluable.