.Envirosuite, a listed SaaS business geared at the aviation, mining and industrials sectors, may not have had much good news for shareholders since it retained Gresham to run a strategic review in late 2022. But there is plenty happening behind closed doors.
Envirosuite’s former chief executive (and now director) Peter White and Beijing BHZQ general manager Zhigang Zhang at a contract signing. Envirosuite
Sources told this column Envirosuite’s board has fielded interest from a handful of buyout firms and strategic players since the start of the year. But, while a data room was established, the buy-out proposals have so far been considered too incomplete to merit disclosure.
Envirosuite’s tech platforms help companies make real-time decisions regarding their operations to minimise both costs, and their environmental footprint. Gresham dealmaker Hugo Dudley-Smith’s pitch to potential bidders is understood to have centred on its footing in fast-growing niches and that its offering is agnostic across various hardware providers.
The company makes $62.6 million in annual recurring revenue from blue-chip clients like NASA and Glencore, but is trading with a paltry $60 million market capitalisation after its share price dropped more than 40 per cent over the past 12 months.
Of note, it is understood Andy Gray’s software specialist firm, Potentia Capital, has been in-and-around the data room, although it is unclear how progressed its interest is, Mid-market private equity firm Adamantem Capital also considered Envirosuite for its $200 million Environmental Opportunities Fund but was turned away.
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EVSEnvirosuite Limited
$0.054 14.89%View EVS related articlesJun 23Sep 23Dec 23Jun 240.0450.0600.0750.0900.105Updated: Jun 12, 2024 – 2.55pm. Data is 20 mins delayed.AdvertisementA spokesperson for Envirosuite declined to comment on Wednesday.
While the buyout talks play out, Envirosuite’s shareholders have had to sit with gritted teeth as the stock continues to plunge. That includes Thorney International (6.5 per cent), Ellerston Capital (7.9 per cent), and Perennial Value Management (14.06 per cent).
Street Talk understands major players on the register – led by Thorney – will start seriously pushing for board-level change, should a bid fail to materialise. Sources said the hunt for a new chair is already under way.
The annual general meeting results from November reflected investors’ growing dissatisfaction, with 25.5 per cent of proxies and 28.6 per cent of votes cast on the day going against David Johnstone’s reelection as the chairman.
