EP&T Global (ASX:EPX) has acquired Coda Solutions, a UK-based technology provider specialising in energy efficiency, asset monitoring, and control.
The move is set to bolster EP&T's existing capabilities, particularly in the realms of digital twin visualisation and remote fault detection, and expand its offering into industrial sectors like transportation and data centres.
The acquisition will see EP&T pay an upfront amount of £120,000 ($231,311), split evenly between cash and company shares valued at 3.3 cents per share.
The deal also includes performance-based payments tied to future revenue milestones.
"This acquisition supports our Data as a Service capability, delivering accurate and auditable data to reduce energy and CO2 emissions for our customers," the company stated in its announcement.
Coda Solutions, which has been operational for over five years and deployed in more than 200 sites across the UK, brings with it significant recurring revenue potential.
The company’s proprietary technology was developed in collaboration with a leading UK transportation targeting high-energy usage assets such as railway stations and data centres.
The integration of Coda's technology into EP&T’s portfolio will provide enhanced maintenance analytics and support for condition-based maintenance, aiming to reduce operational disruptions and optimise asset performance.
The move aligns with EP&T's strategy of expanding into new verticals, including critical infrastructure properties like telecommunication depots. EP&T’s management sees the acquisition as pivotal for its growth strategy.
"Integrating Coda’s capabilities into our EDGE platform will enable us to offer more comprehensive solutions to our clients, supporting their energy efficiency and carbon reduction goals," the company noted.
Further discussions are ongoing with UK-based blue-chip customers to reactivate services, with projected annual recurring revenue targets aiming at £250,000 ($481,942).
At the time of reporting, EP&T Global's share price was $0.023.