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BidEnergy shares surge after signing robotic processing automation deal with Origin Energy

Published: 13:54 29 Aug 2019 AEST

BidEnergy Ltd - BidEnergy shares surge after signing robotic processing automation deal with Origin Energy
BidEnergy shares are trading about 27% higher intra-day, at 62 cents

BidEnergy Ltd (ASX:BID) has signed an agreement with Origin Energy Ltd (ASX:ORG) to deploy BID’s Robotic Processing Automation (RPA) platform and analytics across Origin Energy’s commercial and industrial (C&I) customers.

The platform will be progressively rolled out to 14,500 C&I customers from September 2019. BidEnergy expects the rollout of its platform to be completed by December 2019.

The signing of the agreement follows Origin Energy’s successful pilot of BidEnergy’s RPA platform with customers earlier this year.

The scope of services for this subset of Origin Energy’s customers is for a three-year term.

Once customers under this agreement are using the platform, the revenue generated by BID will contribute a further 12.8% of the company’s last reported ASR (annualised subscription revenue) as at June 30 2019.

Energy spend management powered by RPA delivers the benefits of speed, accuracy, cost, and savings that can't be matched by traditional manual or semi-automated processes

BidEnergy managing director Guy Maine said: “This is our first agreement where we are supporting a significant Energy retailer to provide a friendly data-rich experience for their valued customers, with the high standard of service now expected in such a dynamic and highly competitive marketplace.

“This announcement today is yet another key step forward for BidEnergy’s platform becoming the industry standard for excellence in managing utility bills world-wide.

“Organisations such as Origin Energy with a large and diverse portfolio of C&I customers are ideal partners for our RPA solution.

“We are seeing global interest in aspects of our platform from Utility companies, Energy brokers, and other market participants where our RPA solution can solve unique data management challenges.”

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