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Cove Resources Ltd upbeat on progress of cloud energy management acquisition

Cove Resources Ltd upbeat on progress of cloud energy management acquisition

Cove Resources Ltd’s (ASX:CVE) transition from the resources sector has gained impetus with the reverse takeover of BidEnergy Pty Ltd and announcement it will provide its cloud-based energy spend management software to a $3 billion ASX-listed support services provider.

BidEnergy provides energy spend management platforms that enable users to manage their energy spend life cycle from sourcing, category management through finance and account payable.

The 24 month subscription agreement is to initially cover more than 100 customer sites in Australia with possible expansion to US sites.

BidEnergy will generate revenue from monthly subscription fees on a site-by-site basis. First revenues are expected to be recorded in April 2016.

Cove Resources is an exploration company that is transforming into a new look industry through the acquisition of Bid Energy.

In March 2016, Cove Resources executed a binding share sale and purchase agreement with the majority shareholders of BidEnergy as part of its proposed 100% acquisition of BidEnergy.

Cove Resources’ shares are trading slightly higher today on the ASX.

 

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