Itron signs agreement to buy SmartSynch for $100M
by MBJ Staff
Published: February 16,2012
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.”
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