SA expat’s Buddy Platform to buy US company an hour ago Valerina...

SA expat’s Buddy Platform to buy US company

an hour ago
Valerina ChangarathilThe Advertiser

Buddy Platform is buying another internet technology based firm in the US.

A US-based technology company led by SA expatriate David McLauchlan and with a presence in Adelaide, is buying an overseas web-based energy and water usage monitoring company.

Buddy Platform, which is listed on the Australian sharemarket, is buying Noveda Technologies in a deal capped at $US30 million.
Buddy chief executive and shareholder Mr McLauchlan yesterday said the company had executed a “letter of intent” to buy the assets and business of Noveda which has developed software that can help organisations reduce energy and water usage and can manage smart city infrastructure.
Seattle-based Buddy Platform provides data analysis services based on the Internet of Things using information from vehicles, infrastructure, products such as food and company records.
“Noveda’s platform is used by multinational industry leaders including big box retailers, global banks and industrial corporations.
“By pairing this front-end experience with Buddy’s scalable and flexible back end technology, we are able to provide customers with more of what they want — insight and at-a-glance understanding of their data,” Mr McLauchlan said.


Mr McLauchlan, who owns 15.2 per cent of Buddy, has previously counted Microsoft and AF Square, set up by pop star Lady Gaga and her former manager, among seed investors in the business.
Subject to completion of a due diligence process and execution of a binding acquisition agreement, the deal will see Buddy acquire Noveda’s customers and key employees.
“Materially, all of Noveda’s existing revenue and forecast revenue growth will transition to Buddy following the transaction.”
Buddy will pay US$3 million upfront and the rest of the payments over three years.
Both the companies have worked together for some time and see prospects for growth and synergy, Noveda’s chief executive and president Govi Rao said.
Buddy Platform’s shares, which were trading at 13.5c on Tuesday, are in a voluntary suspension due to a potential change of activities under ASX listing rules.