Energy-spend software provider BidEnergy (ASX: BID) has powered up following news Singtel Optus has signed a three-year contract with the Australian company.
BidEnergy’s competitive tender win will see the Australian technology company provide energy-spend management services to the wholly owned Singapore telecommunications subsidiary.
Singtel Optus is the second largest telecommunications company in Australia, posting operating revenue growth of five per cent year-on-year to $2.3 billion.
The Australian Singtel subsidiary will automatically capture invoices for Optus’ electricity portfolio, providing bill validation facilities and identifying cost reduction opportunities, while also serving up advanced reporting and other financial capabilities.
Optus is due to start using BidEnergy’s Robotic Process Automation platform on 1 April and has already started preparing to jump on board.
BidEnergy managing director Guy Maine welcomed the deal worth about A$248,400 a year to the company’s active contracts under management which it calls its annualised subscription revenue.
“This is a watershed moment for the business as we start to realise the benefits of our changes flagged in January, delivering a sales and customer-focused [robotic-process-automation] leader in our category,” Mr Maine said.
The latest deal takes the Australian, US and UK-based company’s total ASR, to $2.16 million a year, up 20 per cent this quarter.
BidEnergy also signed about $102,000 of contracts with other parties this quarter, including leading global brand Berkshire Hathaway in the US for the BidEnergy solution.
BidEnergy’s managing director highlighted the timing of the deal.
“The market timing couldn’t be better as the global momentum behind RPA meets the ever-changing, dynamic Australian energy market landscape,” Mr Maine said.
“We are proud to be accepted by major Australian and US Global brands”.
The 36-month contract is subject to standard Optus terms and conditions, including the ability to terminate the agreement with 30 days notice.