Bglobal, which provides Britain’s retail energy market with smart metres, said it agreed to acquire energy-data software firm Utiligroup.

The bid is for an initial £5.3m in cash and shares.

The company also said it would pay up to £7.5m, depending on the trading performance of Utiligroup for the year ending 31 March 2011.

Bglobal said it raised about £6.5m by placing its shares at 38 pence each, a premium of 9% to the stock’s Tuesday close, reports Reuters.