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Qonnectis (now Water Intelligence): Securing bridge funding and completing a reverse takeover
UK & US.
Developed in partnership with Thames, and rolled as part of the Victorian Mains Renewal programme, their main product Leakfrog allows water companies to monitor their domestic customers’ homes for water leaks.
Qonnectis provides a managed service to water and energy utilities through a variety of traditional and wireless automated meter reading products.
Barbara Spurrier was appointed as CEO / CFO of AIM listed Qonnectis PLC to secure bridge funding and complete a reverse takeover with US company, American Leak Detection, Inc (ALD).
Barbara Spurrier was appointed as Qonnectis’ CFO and subsequently Interim CEO, with the challenge of ensuring the UK cleantech company’s long term survival and growth.
Proactive pursuit of funding for Qonnectis resulted in a merger opportunity in the form of interest from ALD, a large U.S. based company who were impressed by the transition that had been effected on Qonnectis’s financial and business strategy.
Qonnectis announced that negotiations between themselves and ALD had resulted in fundraising of £400k and the appointment of Patrick DeSouza (Chairman of ALD) and Stanford Berenbaum (Chief Executive Officer of ALD) as Non-Executive Directors in anticipation of a proposed reverse takeover by ALD.
The Chairman of Qonnectis, commented:
“Over the last 12 months, Barbara’s energy and commitment has had a huge impact on the financial and strategic future of Qonnectis. She have been instrumental in securing critical funds and in managing the process of securing a suitable partner for leveraging our innovative smart metering and leak detection products in the global market. We are now working extremely hard to ensure that the proposed acquisition by American Leak Detection, Inc. is completed, and we look forward to working with Patrick DeSouza and Stanford Berenbaum to build the business of the enlarged group.”