Electricity and gas supplier Alinta Energy has finalised a deal to sell its CORE customer billing platform to Tally Group for an undisclosed amount.
The CORE platform, which manages approximately 700,000 accounts, was put on the market earlier this year through an engagement with MA Moelis.
The platform was compared to other major systems like Kraken, operated by Origin Energy's (ASX:ORG) partially owned Octopus Energy, and Kaluza, which AGL Energy (ASX:AGL) has invested in.
According to promotional materials, the local market potential for CORE is estimated at $600 million, with possibilities rising to $2 billion if the platform is expanded to multi-product uses.
Tally, a cloud-native billing software company, plans to integrate CORE into its existing infrastructure.
Tally CEO Andrew Duncan highlighted that the acquisition would enhance their ability to serve large-scale clients, including Alinta.
Duncan emphasised the strategic advantage of the acquisition, "The combination is very powerful, and we believe no other competitor globally can offer that scope and depth we can now deliver."
Alinta, which is owned by Chow Tai Fook Enterprises, will use the proceeds from the sale to reinvest in its core operations and streamline its business processes.
Alinta CEO Jeff Dimery noted that the sale aligns with the company's strategy to focus on transition projects such as offshore wind and other large-scale clean energy initiatives.
Following the sale, Alinta will remain a major customer of the CORE platform, ensuring continued use and development of the system.