X2M Connect, an Australian IoT technology company, has secured a term sheet with Dicode Technologies to license its ‘Vision by X2M’ utility platform for the Middle East market.

The agreement, effective for 10 years, marks a step for X2M’s expansion strategy, starting in the United Arab Emirates.

Dicode Technologies, based in Dubai, will exclusively use X2M’s platform in its new “Metering as a Service” offering to gas utilities in the UAE.

The partnership targets the rapidly evolving utility sector in the region, with the UAE mandating smart gas metering for new piped gas installations.

X2M CEO Mohan Jesudason stated, “This term sheet forms the backbone of our strategy to launch our world-leading IoT platform in select markets throughout the Middle East.”

“From its base in Dubai, Dicode will source ‘Meter as a Service’ contracts with gas utilities and install and manage digitised meters using our market-leading platform for the next 10 years,” Jesudason added.

Dicode CEO Satish Chandran commented, “The Middle East market represents a significant opportunity for utility digitisation. Dicode’s bundled Meter as a Service offering is new and unique to the region, with X2M’s proprietary platform being a core enabler to our offering.”

X2M anticipates approximately $400,000 EBITDA annually for every 100,000 smart devices installed on the ‘Vision by X2M’ platform in the Middle East.

The UAE’s population of 10 million across 2.5 million dwellings signifies vast potential, with further expansion intended across the Middle East.

X2M Connect has developed and commercialised a patented Internet of Things solution, which delivers productivity improvements, cost savings, and public safety to enterprise and government clients in the utilities sector.