Deal watch: Billing company Redknee’s US$5m contract with Asian corporate


edknees-US5m-deal-with-Asia-Pacific-corporate-for-energy-retail-servicesCanadian billing software company Redknee Solutions has finalised a deal worth CAD6 million (US$5 million) with an Asia Pacific national corporation in a bid to develop the investor’s position in the energy retail sector.

Redknee confirmed that a large corporation and service provider in the Asia Pacific region had signed off the agreement in exchange for access to Redknee’s Connected Suite.

The Redknee Connected Suite can rate and bill data from smart meters and home energy management systems in real-time.

The service provider can then notify customers about their energy consumption by providing real-time insights on electricity usage and billing data.

Incentives to save energy

The provider, such as the unknown Asia Pacific investor, can then influence demand and response for electricity by providing instant benefits such as flash coupons or points that customers can spend in its partner stores and institutions.

Energy companies or energy retailers are then able to deliver bundled offers and promotions across various industry verticals, including utilities and smart homes.

Customers can access consumption data and benefits through a smartphone app and web self-care portal.

Analytics will support the service provider to make informed decisions and quickly respond to increased demand for energy.

Growth of IoT

Commenting on the deal, Lucas Skoczkowski, CEO at Redknee, said: “We are excited to support the growth strategy of one of APAC’s leading corporations.

“Over the coming years we see opportunities across industry verticals and enterprise markets, where connectivity-enabled Internet of Things (IoT) businesses want to gain flexibility from real-time analytics and monetization models.”

Redknee supports over 200 service providers from around the world and sells its product through on premise, cloud-based or as a software-as-a-service offering.