ACQUISITION OPPORTUNITY – Project Mist
Fourth generation professional auctioneers and valuers
JPS Chartered Surveyors present the opportunity to acquire the business and/or assets of a leading smart meter software developer, operating across Africa.
Overview
UK-based provider of smart metering solutions across Africa, focused on improving electricity access, revenue collection for utilities and reducing energy theft through automated technology.
The Company mainly has contracts with scaling electricity distribution Utilities across 22 countries, with most located in Nigeria, which generate recurring income.
Its platform integrates IoT smart meters, cloud services and AI to track electricity consumption and enable accurate, real-time prepaid billing, addressing widespread Utility losses caused by erratic supply, tampering, theft and non-collection.
Software developer services support real-time billing and operations, reduced losses and theft, improved revenue recovery, enhanced transparency through live usage data, and strong data security.
The Company also offers cloud-based SaaS platforms to manage and optimise energy assets, supported by partnerships with local agencies, advisors and OEMs supplying hardware for grid and mini grid electricity distribution and metering solutions.
Key Features
- Bespoke intellectual property and patents
- Experienced team of 11
- Established customer base of 62 scaling utilities
- Licensed premises in Manchester
Assets for Sale
- Goodwill
- Intellectual property
- Various cloud software systems including Advanced Metering Infrastructure (AMI)
- Apps (field workforce and sales agent), data visualisation and AI data analyticss
- Website
- Customer contracts/recurring revenue, 62 customers
- Fixtures, fitting and computer equipment
- Book debts
- Metering equipment
- Investments into overseas Energy Technology Companies
Summary of Financial Information
| ‘000 | FY24* Actual (£) | FY25 Group Accounts (£) | |
| Income Statement | |||
| Revenue | 576 | 1,615 | |
| Gross Profit | 17 | 333 | |
| EBITDA | (2,392) | (1,376) | |
| Net Loss Before Tax | (2,741) | (2,257) | |
| Statement of Financial Position | |||
| Fixed Assets | 1,492 | 982 | |
| Current Assets | 2,032 | 2,268 | |
*The FY24 Accounts are the final accounts produced solely for the company.
Process
Further information can be obtained from KBL Advisory on completion of a standard non-disclosure agreement.
KBL Advisory is requesting indicative offers, supported by proof of funding, by midday on Friday 20 March 2026 with a view to completing a transaction as soon as possible thereafter. We reserve the right to close the bidding process early or extend the deadline for indicative offers without liability or advanced notice.
All correspondence in relation to this opportunity should be directed to KBL Advisory as follows:
Sarah Sagar
KBL Advisory Limited
Tel: 07414 932581
Email: sarah@kbl-advisory.com
Freddie Pass
KBL Advisory Limited
Tel: 0161 637 8100
Email: freddie.pass@kbl-advisory.com