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Simble Solutions enters trading halt ahead of capital raising

The company's software aims to help businesses conserve energy.
toy blocks that spell the word FUNDING
Details on the capital raising are expected to be released within 48 hours

Simble Solutions Ltd (ASX:SIS) has been granted a trading halt by the ASX pending the release of information regarding a capital raising.

The company’s shares will remain halted until the earlier of, the release of relevant information, or, the commencement of trading on Friday.

Energy management software company

Simble is a software company focused on energy management and mobility software-as-a-service (SaaS) solutions.

It has developed an electricity consumption analysis and management software SimbleSense that enables businesses to visualise, control and monetise their energy systems.

It is being deployed by customers in Australia and the United Kingdom and has a growing contracted channel sales pipeline.

February 2018 IPO

The company listed on the ASX in February 2018 raising the maximum $7.5 million by issuing 35 million shares priced at 20 cents each.

The energy management systems market is estimated at $43 billion and is forecast to grow by 18.8% per annum to 2021.

Year to date, installations of the Simble Energy Platform have increased more than 70% even before the commencement of major marketing campaigns.

Growth is expected to accelerate as new large-scale partnerships ramp up.

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