LONDON, UK: Aukett Swanke (AIM: AUK), the Architecture and Smart Buildings group, announced the acquisition of TR Control Solutions Limited (TRCS), a developer of energy management software and provider of energy efficiency services.
The acquisition is a further step in the Group’s strategy to become a leading provider of Smart Building technology.
TRCS’s revenues are derived from the provision of their proprietary ecoDriver energy monitoring software, energy efficiency consultancy services, and the provision of IoT sensors and other hardware to monitor environmental and other data.
The company operates in a high growth business segment and the Company’s directors believe that it can grow rapidly as part of the Group, by accessing the Group’s customer base and contacts, and utilising the Group’s operational delivery capabilities.
In addition, the acquisition brings an extensive “data lake” from TRCS’s installed base of operational sensors. This is likely to be of significant value to the Group as it explores the use of Artificial Intelligence (AI) to deliver scalable decision-making around energy usage in the built environment.
The Company has acquired the entire issued share capital of TRCS. The total consideration is £360,450, comprising the issue to the vendors of 17,800,000 new ordinary shares of 1p each in Aukett Swanke at 1.525p per ordinary share and £89,000 in cash.
Half of the cash consideration is payable on completion, with the remaining £44,500 payable on the first anniversary of completion. The Consideration Shares are subject to a 12-month lock-in, followed by an orderly market arrangement for a further 12 months.
Nick Clark, Chief Executive of Aukett Swanke, commented: “We are pleased to have completed a third acquisition in our Smart Buildings strategy, following the purchases of Torpedo Factory Group in March and Anders + Kern in July this year. TRCS is a relatively small but impressive business, which brings proprietary IP and recurring revenues to the Group. Further, the Company’s directors believe that the Group’s management systems, client base, and resources will enable TRCS to scale rapidly. We welcome Jamie Finnan and the TRCS team to the Group.
“The Acquisition gives us scope to develop the use of Artificial Intelligence in building management as the Group continues to expand both its Smart Buildings and architecture activities.”
Aukett Swanke acquires smart workplace systems distributor Anders+Kern