Tech: BidEnergy partners up with iSelect, shares yet to rebound
Energy bill management company BidEnergy (ASX:BID) has made a friend in the industry, partnering up with fellow comparator site iSelect (ASX:ISU).
The company announced this morning that it’s signed a 13-month agreement with iSelect, to embed its automated bill-parsing technology as part of the iSelect product offering.
BidEnergy said its integrated solution would be rolled out in the first half of next year. While the deal is expected to be revenue-generative, markets are still looking for more.
BID shares, which slipped in morning trade to 56.5c, have declined steadily after surging to almost $1.80 in February this year.
BidEnergy managing director Guy Maine said the deal was an example of how the company’s technology could provide “white label” solutions with external partners, beyond its core product offering.
Its core platform is an automated service that allows customers — mainly commercial clients — to manage invoices and analyse meter data.
BidEnergy said the agreement would allow iSelect customers to upload their energy bills directly to the website, where its platform would then digitise and sort the relevant data.
Slade Sherman from iSelect said the process would “cut down the number of steps customers need to go through to get a comparison”.
In turn, BidEnergy said the integration of its technology would allow for an improved customer onboarding function for iSelect, which processed around 820,000 comparisons in 2018 across telecommunications and energy.
iSelect’s 2019 financials show revenue from its energy and telco division fell to $43.1m in FY19, down from $54.8m.
BidEnergy said it would receive revenue from the deal by clipping the ticket from each bill that’s uploaded, sorted and automated using its platform.