The BidEnergy share price is up 700% in 12 months

The BidEnergy Ltd (ASX:BID) share price has been on fire over the last 12 months, rising 700% over the period…

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On Wednesday the BidEnergy Ltd (ASX: BID) share price came under pressure and ended the day 7% lower at $1.05.

Despite this sizeable decline, the technology company's shares are still up an incredible 700% over the last 12 months.

This means that a $25,000 investment in its shares a year ago would now be worth a staggering $200,000 today.

What is BidEnergy?

BidEnergy is an Australian-based technology company which provides a cloud-based platform which simplifies the complex energy spend management process by using automation. This allows organisations to have complete control over their energy spend.

Unlike manual consulting and business services, the platform automates the management of every component of the process for multisite companies.

And by automatically capturing and validating invoices and meter data, BidEnergy's clients can streamline their accounting and payments processes, go to market at short notice to optimise their supply contracts, and reduce billing charges using sophisticated analytics and reporting.

In addition to this, the company's Robotic Process Automation (RPA) platform gives small to large enterprises greater control over the full energy spend lifecycle. This is particularly the case where there is a national multi-site configuration.

The RPA platform can be utilised to automatically capture and validate invoices, automating the payable function, discovering cost reduction opportunities, and providing real-time energy information and accurate financial capabilities at the touch of a button.

Why has its share price rocketed higher?

Investors appear to have been impressed at the progress the company has made and its sizeable market opportunity.

In the first half of FY 2019 BidEnergy posted a 24% increase in revenue to $2.8 million, which was driven largely by a 55% increase in platform subscription fees. The company finished the period with over 37,000 meters under management, some of which were in the UK and US.

What now?

Over the last couple of weeks there have been a few cases of insider buying. So clearly management is confident in the company's prospects and still sees value in its shares at this level.

But for now, I'll be keeping it on my watchlist and watching its progress with a keen interest.

Other small cap tech shares to watch this year include LiveTiles Ltd (ASX: LVT) and Megaport Ltd (ASX: MP1).

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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