Deal Brings New Energy Efficiency Accounting Capabilities to BidEnergy’s Source-to-Pay Automation Platform
Platform Helps CFOs Manage Last Spend Category “Hiding in Plain Sight,” Prepare for New Era of Carbon Reporting and Governance
CONCORD, Mass. and PHILADELPHIA, Nov. 28, 2016 (GLOBE NEWSWIRE) -- BidEnergy Limited (ASX:BID), the global leader in energy accounting automation solutions, today announced its US subsidiary, BidEnergy, Inc. has acquired RealWinWin, Inc., a specialist in energy-efficiency rebate administration. RealWinWin has a roster of name-brand, national multi-site customers who are in the sweet spot of BidEnergy’s target market and provides a third leg of an emerging suite of energy management software aimed at the Finance, Procurement, Energy and Facilities departments of corporations with hundreds of facilities. Adding rebate administration to augment its Source-to-Pay platform, BidEnergy now has a unique capability to minimize the costs of energy and the complexity of managing the execution of its energy and facilities strategy across every service territory in the U.S.
With BidEnergy, CFOs, procurement teams, and category managers gain visibility and control over their energy spend with a centralized, scalable solution that is fully automated. As an added benefit, the platform enables large multi-site, multi-state organizations to view, manage and report on carbon emissions to meet emerging SASB standards and shareholder demand for environmental transparency.
“It’s not surprising how few CFOs exercise influence on the amount their companies spend on energy: traditional category management software has been unable to handle the scope complexity and regulatory nuance of energy, leaving a significant profit opportunity hiding in plain sight,” said Phil Adams, CEO, BidEnergy U.S. Inc. “BidEnergy’s platform puts that control in the CFO’s hands. Bolstered by today’s acquisition of RealWinWin, our source-to-pay platform is rapidly evolving into the industry’s first comprehensive energy accounting solution.
“BidEnergy arms CFOs with the information and error-free execution they need to reduce both direct and indirect costs associated with their energy spend. The platform also enables budgeting, forecasting and consumption analysis; brings an elevated understanding of energy costs, risks and opportunities into strategic decision-making, which, for instance, can inform how products should be priced; and supports complying with emerging environmental standards.”
Added Doug Bloom, CEO of RealWinWin, “We are delighted to be part of the BidEnergy family. BidEnergy’s vision is unique in the market, and our customers and prospects are going to be very excited with the results they will derive from the solution suite we are putting together.”
The acquisition of RealWinWin follows BidEnergy’s U.S. launch in September, which introduced the company’s cloud-based, software-as-a-service platform. The platform combines auction-based procurement – for securing the best available energy-supply rates – with robotic process automation – for fast, accurate and hands-free bill management, including bill receipt, validation and payment. Optimized for companies with hundreds of geographically dispersed sites across regulated and deregulated service territories, BidEnergy’s source-to-pay platform dramatically reduces the total lifecycle costs and complexities of energy category management.
BidEnergy is acquiring RealWinWin via an asset purchase funded from existing capital, with a consideration mix of cash, stock, warrants, and an earnout to incentivize revenue growth and cross-selling of BidEnergy subscription services. BidEnergy intends to retain the RealWinWin team and establish Philadelphia as its US headquarters.
For more information on the company and platform, see: www.bidenergy.com.
About BidEnergy Ltd
Bid Energy is an Australian-based technology company and process automation leader. Based in Melbourne, its cloud-based platform gives organizations control over their energy spend throughout the contract lifecycle. By automatically capturing and validating invoices and meter data, customers can streamline their accounting and payment processes, go to market at short notice to optimize their supply contracts, and reduce on-bill charges using sophisticated analytics and reporting. For more information, see: www.bidenergy.com.
This release is for informational purposes only and should not be considered a recommendation to buy or sell any types of securities.