Gerard Private Holdings’ wholly owned subsidiary Zimi Powermesh, which is on the cusp of merging with ASX-listed smart home technology group, Quantify Technology, has just received an order for a whopping 10,000 units of its internet-connected devices. The devices are due for delivery in the March 2021 quarter.
Perth-based Quantify says as of the end of last month, there were more than 5,000 active devices on the Zimi cloud network in more than 2,000 homes. The devices monitor power usage to ensure homeowners can control and reduce their energy bills.
Once the acquisition of Adelaide-based Zimi has been ratified by Quantify shareholders at its annual general meeting next week, the merged entity plans to undertake a $4 million capital raise.
Zimi has three main distribution partners, Trader Electrical, Beacon Lighting and Steel-Line Garage Doors. Trader Electrical has put its hand up, placing the order with Zimi for the 10,000 devices.
According to Quantify, Beacon is installing devices into one-third of its flagship stores and is also selling them through its online store, while Steel-Line has begun commercialisation of garage door controllers.
Zimi produces a range of internet-connected devices under the Powermesh moniker, including lighting, switches, dimmers, controllers, power points, blinds, garage door units and appliances, which can be configured to suit homeowners’ requirements.
Quantify and Zimi are planning to leverage a number of revenue synergies that can be capitalised on as a merged company, including cross selling its combined range of connected products into the existing sales channels of both outfits, as well as reducing operating costs through the integration.
As a result of the capital acquisition executed by Quantify of Zimi Powermesh, Zimi’s parent company, Gerard Private Holdings, will emerge as the major shareholder of the expanded Quantify structure commanding a 40 per cent equity interest in Quantify.
Gerard Private’s Managing Director, Simon Gerard, is set to assume the role of Non-Executive Director on the Quantify board, whilst Founder and General Manager of Zimi, Jordan Tentori, will take up the Chief Technology Officer position at Quantify.
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