Kinetiq looks to Europe

Auckland-based power billing software company Kinetiq, formerly known as Wel Technology, claims to be escaping the high-tech downturn and looking to expand into Europe.

Auckland-based power billing software company Kinetiq, formerly known as Wel Technology, claims to be escaping the high-tech downturn and looking to expand into Europe.

The company, a wholly-owned subsidiary of Spectrum Resources, also plans to add two staff to its current 19 in the coming weeks as it extends operations across North America and the Asia-Pacific region.

Kinetiq, which reported turnover of $2.9 million in the year to June, made its first sale to Australia last month of its PV2 billing software to Victoria-based TXU Networks, serving 500,000 customers.

Company head Gavin Mitchell was in the US trying to drum up further sales last week, and sales staff are also “pursuing other opportunities in Asia”, says finance manager Michael Oliver.

PV2 has already been sold to Malaysia, but Kinetiq sees Singapore as a “hotter prospect”.

Oliver says he cannot comment on any Singapore sales “at this stage due to companies not wanting us to”, suggesting deals have already taken place.

North America, he says, remains Kinetiq’s prime focus for now, boosted last month by Spectrum increasing its shareholding in subsidiary Utility Settlement Ontario and renaming it Kinetiq.

However, the company is “analysing” opportunities in Britain and Europe “to ensure we are not missing anything through our cautious stance”, says Oliver.

But come war and international uncertainty, people still need power and receive power bills.

“Business is plodding along as expected. We are on target,” Oliver says.

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