Itron, a leading technology and services company dedicated to the resourceful use of energy and water, has signed an agreement to acquire all outstanding shares of Silver Spring Networks. The transaction is valued at approximately $830 million.
Headquartered in San Jose, California, Silver Spring’s cost-effective, high-performance IoT network and data platform provide solutions to utilities and cities. Some of Silver Spring’s clients CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, and Pepco Holdings.
Philip Mezey, Itron’s president and CEO said, “By converging our complementary, standards-based technologies, we will enhance customer efficiencies with solutions that optimize devices, network technologies, outcomes and analytics. This enables us to increase investment in new solutions and accelerate innovation for our combined customer base, covering more than 200 million people.”
Read the full press release here.