Itron, which specialises in technology and services dedicated to the resourceful use of energy and water, has announced that it has completed its acquisition of Silver Spring Networks.
[quote]According to a company release, this acquisition strengthens Itron's ability to deliver a broader set of solutions, increases the pace of growth and innovation in the smart city and industrial IoT markets, and provides customers with greater choice and flexibility when deploying technology to improve their operations and services.
By integrating Silver Spring Networks’ platform and solutions, including its smart street light offering, into Itron’s broad portfolio, the combined expertise in delivering smart utility, smart city and industrial IoT solutions provides the industry with an unparalleled offering.
With a focus on open-standards platform development for connectivity and automation, alongside a robust partner ecosystem, Itron is ideally positioned to promote a path for adoption of IoT technology and to more reliably, efficiently and securely connect devices that matter.
“The addition of Silver Spring Networks comes at a time when industry dynamics are changing: utilities and cities want to invest in IoT and connectivity to modernise critical infrastructure to reduce operating expenses, enhance services and create new revenue opportunities,” said Philip Mezey, CEO at Itron.
“This acquisition enhances Itron’s capabilities and advances our strategy of delivering highly-secure, value-generating solutions for utilities, smart cities and the broader industrial IoT sector.”
“This is a tremendous step forward for Itron and our growth as a company,” continued Mezey. “Bringing together our two companies ties directly to Itron’s strategy to deliver valuable outcomes to our customers as they manage the world’s energy and water resources—and build the cities of tomorrow. Together, our strong engineering talent, leading technology and deep domain expertise will unlock incredible innovation, choice and value for customers around the world.”
The legacy Silver Spring Networks business is now a wholly-owned subsidiary of Itron and will be integrated and reported as a new business segment, Itron Networked Solutions.
Itron will provide total consolidated company revenue and non-GAAP earnings per share guidance for full-year 2018, inclusive of the addition of Silver Spring Networks, in conjunction with its fourth quarter and full-year 2017 financial results.