Home » NEWS » Energy » Itron signs agreement to buy SmartSynch for $100M

Itron signs agreement to buy SmartSynch for $100M

JACKSON — Itron Inc. of Liberty Lake, Wash., has signed an agreement to acquire SmartSynch Inc. in a transaction valued at $100 million. The parties said they 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 CEO. “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 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.

“Utility customers are demanding more options and this is a combination that just makes sense,” said Stephen Johnston, SmartSynch CEO. “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.”

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *

*