Itron Strengthens Energy Efficiency Position with SmartSynch Acquisition
Liberty Lake-based Itron, Inc. (NASDAQ:ITRI) announced today that it has signed an agreement to acquire privately held SmartSynch, Inc. for $100 million. The acquisition will strengthen Itron’s integrated cellular communications offering.
“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 in a statement. “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.”
Here's the press release:
SmartSynch, headquartered in Jackson, Mississippi, is a leading provider of point-to-point smart grid solutions that utilize a cellular network for communications. The company has more than 130 customers, including nine of the top ten utilities in North America. SmartSynch and Itron have partnered for more than a decade, delivering integrated solutions to some of Itron’s largest smart grid customers. Itron and SmartSynch’s complementary technologies can be used to provide a solution in areas where RF mesh networks are not available, or are cost prohibitive. In addition, SmartSynch’s technology will successfully 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. Itron’s diversified portfolio, combined with our cellular technology, makes us the best team in the business going forward.”