EP&T Global (ASX:EPX), a building energy optimisation company, has picked up UK-based Coda Cloud Ltd – picking up data center assets.
Coda, on its website, describes itself as “[tech that] enables the remote management and maintenance of buildings and assets to help extend the lifespan of equipment and reduce operational costs.”
Notably, the overall cost of the acquisition is only A$233,000. It first announced the deal in early October, as of Tuesday, the acquisition has formally passed.
EPX has its eyes on Coda’s penetration into the UK railway market through another entity, FirstGroup PLC, with whom EPX is now in talks to continue commercial relationships, given Coda’s existing tech is embedded in those railway stations and bus depots monitoring energy use.
EPX also pointed to telecom and data center customers from the “industrial property vertical” with expansion now on the radar in the UK and Europe. The deal also gives EPX more room to boast capacity to detect faults.
All in all, Coda has applications in over 200 sites and EPX expects the deal to be cash flow positive in the first year alone. The latter has its eyes on the UK’s larger network of over 2,000 railway sites.
“We are pleased to be able to close the transaction, and positively re-engage with a core Coda development partner such as First Group PLC, who expensed considerable effort to work with Coda on the technology,” EPX CEO John Balassis said.
“We look forward to being able to conclude these discussions as soon as possible and continue to work with FirstGroup in assisting it in delivering on its sustainability goals.”
EP&T last traded at 2.3cps.
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