Simble signs long-term contract with UCR Consultants
London – Simble Solutions Limited today announced a significant sales contract and strategic partnership with UK based utility broker UCR Consultants.
UCR specialises in utility cost reduction for business and private customers and manages over 40,000 customer accounts and in excess of 60,000 meters across the UK. Under the terms of the three-year agreement, UCR will deploy “SimbleSense Lite” to a minimum of 10,000 meters over the contract term with the potential to expand to up to 60,000 meters. Each customer has an average of approximately 1.5 meters per site. The minimum contracted SaaS revenues of this deal amount to approximately A$680,000 over the contract term and will increase to A$3.9 million if the internal target is achieved. SaaS revenues will be recognised on a pro rata basis over the underlying user’s contract life. Furthermore, UCR and Simble will proactively assess future monetisation opportunities and Simble anticipates additional SaaS revenues from upsells and deployment phases, which will be contracted separately.
Fadi Geha, CEO of Simble, commented on this contract: “We believe UCR’s footprint in the UK utilities market reflects both our target market and desired method to market. UCR has captured a large user base that trusts their provider and we have now become part of this ecosystem.”
“This partnership will bring mutual benefits to both parties: Simble will gain fast and cost-effective access to our target market, while our energy efficiency focused software solutions provide UCR with a source of differentiation over competitors, thus facilitating customer acquisition and retention in a crowded marketplace.”
Darrell Brookes, Managing Director of UCR, commented: “We are expanding our service offering with a focus on technology and innovation and are very excited to offer Simble’s data analytics platform to our commercial clients. It is simply not enough anymore to just offer the cheapest deal as customers want more value and transparency from their utility broker. We look forward to engage with our clients and are confident that Simble’s technology will add significant value to our growing customer base.”
The contract represents the first material contract for “SimbleSense Lite”, a software-only entry level SaaS product with low-cost deployment and rapid market penetration potential without the need for on-site hardware installation.
Offered in an affordable SaaS subscription model, the cost is absorbed by the utility provider or broker. SimbleSense Lite is a cost-effective way for providers to increase customer retention and acquisition and build loyalty with their brand. Users of SimbleSense Lite requiring real-time visibility and control on energy consumption will upgrade to the Simble Energy Platform, a bundled software and hardware solution with Internet-of-Things capabilities. Revenue streams from upgrades are not included in the anticipated contract value.
Fadi Geha added: “This deal is the outcome of investment we have made in our sales engine and the fruition of key partnerships as we leverage our first mover advantage in the UK – a market significantly larger than Australia. We continue to grow our footprint, both in the commercial and residential space, taking three products simultaneously to market – SimbleSense Lite, SimbleSense (the Simble Energy Platform) and Virtual Analytics.”
“The agreement brings us one step closer to our vision to grow this business globally with meters under management in the multi-millions.”
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Simble Solutions (ASX:SIS) is an Australian software company focused on energy management and Internet of Things solutions. 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 SME and residential market and targets the distribution of its platform through channel partners. Simble has an international presence with offices in Sydney and Melbourne (Australia), London (UK) and Da Nang (Vietnam).
More information: www.simblegroup.com
About UCR Consultants
Established for 10 years in business, UCR Consultants specialise in utility cost reduction for business and private customers alike. As an independent utility broker with over a decade of experience in the utilities market, UCR offers competitive energy rates to end-users, allowing customers the choice of all major suppliers in the market. The company currently manages over 40,000 supplies for business and private customers and in excess of 60,000 meters.
More information: www.ucrconsultants.co.uk