Itron, Inc. has announced that it has signed an agreement to acquire privately held SmartSynch, Inc. in a transaction valued at $100 million. The acquisition will bring greater choice to utility customers across the spectrum of smart metering deployments and strengthen Itron’s integrated cellular communications offering. The parties expect the transaction to close in the second quarter of 2012.
“SmartSynch is a compelling strategic acquisition that strengthens our position in the industry and with our energy and water utility customers,” said LeRoy Nosbaum, Itron president and chief executive officer. “SmartSynch brings a highly complementary technology to our existing communication network offering, broadens our portfolio and enhances Itron’s ability to support our customers with their smart grid projects.”
SmartSynch, headquartered in Jackson, Mississippi, is a provider of point-to-point smart grid systems that utilise a cellular network for communications. SmartSynch and Itron have partnered for more than a decade, delivering integrated offerings to some of Itron’s largest smart grid customers. Itron and SmartSynch’s complementary technologies can be used to provide a system in areas where RF mesh networks are not available, or are cost prohibitive. In addition, SmartSynch’s technology will meet the needs of full cellular smart grid network deployments, such as the 1.9 million electric residential and commercial & industrial meter end-point deployment at Consumers Energy.
“Utility customers are demanding more options and this is a combination that just makes sense,” said Stephen Johnston, SmartSynch chief executive officer. “Our companies share existing customer relationships, integrated technologies and a common culture that will enable us to pursue new opportunities.”