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  • BY: Andrew Hore |
  • POSTED: 01/03/2013 |

Smart metering services provider Bglobal is selling its Australian software operations in order to concentrate on its UK operations.

Hansen Corporation is paying $3.5m (2.36m) for Utilisoft Australia.

Utilisoft Australia was part of Utiligroup, which was acquired by Bglobal in May 2010. The company paid 8.32m in cash and a further a 3.83m in shares - a total of 12.15m.

Bglobal made a profit of 620,000 in the year to March 2012 and the Australian business contributed 390,000.

The deal leaves Bglobal with 3.4m in the bank. At 10.88p a share, Bglobal is valued at 11.6m.

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