The Bill Identity Ltd (ASX: BID) share price is falling today after the company announced a master services agreement with energy retailer Simply Energy for its New Zealand customers.
At the time of writing, the Bill Identity share price has slumped 3.4% to 83.5 cents per share.
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A quick take on the companies
Bill Identity is a technology company that automates the bill-paying process through cloud computing. The company provides utility bill expense management solutions and is spread across Australia, New Zealand, the United States, the United Kingdom, and Europe.
Simply is one of Australia's largest energy retailers with around 700,000 Australian accounts and is wholly owned by French energy company ENGIE. It will initially only use its current arrangement for New Zealand customers.
What the deal means
Bill Identity will provide Simply with its cloud-based bill paying software, the Utility Bill Portal solution.
The deal was reached after a successful pilot program and has an initial three-year term. It will provide a step-change in service to "a large number" of Simply's commercial and industrial customers in New Zealand.
Bill Identity describes its Utility Bill Portal software as a fully-orchestrated robotic process automation (RPA) business customer platform for energy retailers, which enables their customers to have "easy access to utility bills anywhere, at any time".
By automatically capturing and validating invoices and meter data, its clients can streamline their accounting and payment processes.
What management said
Bill Identity managing director Guy Maine welcomed the deal, saying:
We are extremely excited to be providing Simply with our Utility Bill Portal solution.
The solution has been designed to deliver significant cost-to-serve economies, and the data-driven RPA experience uses intuitive simplification that is intended to drive increased engagement and satisfaction, thereby unlocking ongoing value for large multi-site energy customers.
Bill Identity share price snapshot
The Bill Identity share price and its relative transformation under the ASX ticker Bill Identity has been well publicised. But since reaching a high of $1.60 in February 2019, it's had a series of volatile jumps and falls to its current price of around 84 cents.
It's down 84% against the technology sector over the past 12 months and has lost more than 30% of its share price value in 2021 so far.
