On 17 March 2022, GO plc announced that it concluded the acquisition of a 76% equity stake in Sens Innovation Group Ltd (“SENS”) for a consideration of €1 million, with the possibility of a further €1.85 million earnout depending on the performance of SENS over a three year period.
SENS is an energy management company that leverages proprietary Internet-of-Things (“IOT”) based technology to reduce energy consumption and associated costs for commercial buildings. It designs and builds customised solutions for clients that improve their business operations and efficiencies whilst also contributing to the environmental responsibilities that modern business governance and legislation demands. SENS serves large hotels and commercial clients in Malta, UK, mainland Europe and Dubai.
In conclusion, GO noted that this strategic acquisition will further strengthen the company’s investment in IoT as part of its drive of digital Malta. Moreover, the company anticipates that new opportunities will come its way as it offers environmentally conscious energy saving solutions to companies in Malta, Cyprus and UK.