Software company Bill Identity Ltd (ASX: BID) share price is up 1.27% today, after the company announced the appointment of a new chair.
At the time of writing, the Bill Identity share price is trading at $1.20, after rising by as much as 5 cents earlier in the day.
Who’s the new chair?
Bill Identity has appointed prominent Australian media executive Peter Tonagh as its non-executive chair, effective immediately. He will replace Geoff Kleemann, who has been serving as interim chair and will remain as a non-executive director.
Tonagh is the former CEO of Foxtel and News Corporation (ASX: NWS), having served as chief operating officer of both companies. He held the role of Foxtel’s chief financial officer for 9 years.
He also currently serves as chair of Sydney-based advanced analytics company, Quantium, and is the former lead independent director for Village Roadshow Ltd.
Most recently, Tonagh led a consortium to save newswire service, AAP, which now operates as a not-for-profit organisation.
The right leader for global expansion
According to today’s release, Tonagh’s appointment is Bill Identity’s latest step to becoming a major global player in the utility bill management sector.
It follows the company’s acquisition of United Kingdom-based energy management software business Optima Energy in December 2020. This was accompanied by a $15 million fully underwritten institutional placement.
Bill Identity managing director Guy Maine believes Tonagh will bring a wealth of business experience to the board, saying: “Peter has been involved in business transformation in several of his previous roles, and we look forward to drawing on that experience as we continue to expand our footprint in international markets.”
Tonagh was also happy with the new role, saying that the company has the potential to be a global leader in the sector in the coming years.
“I am excited to be joining the company as it accelerates its international growth strategy following the recent Optima acquisition,” he said.
Quick take on Bill Identity
Bill Identity provides utility spend management services through its cloud-based software platform. The software helps businesses to manage their energy spend by automating manual processes which improve data visibility and control.
The $191 million market-cap company is yet to produce break-even, announcing its latest half-year FY20 loss of $6.9 million ending 30 June 2020.
Second-half revenue ending November 2020 has increased however, up 77% year-on-year to $9.4 million.
After its recent foray in the UK, the company is now eying the United States market. It believes the US potential is large, with additional opportunities to leverage accounts payable outsourcing over many different utility bills.
The Bill Identity share price has returned 16% over one year. It fell by as much as 50% in March 2020 before recovering to current levels.
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Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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