- Category: Smart Grid
- 01 May 2012
- Published on Tuesday, 01 May 2012 17:16
- Hits (2434)
Energy and water resource management company Itron, Inc. has completed its $100 million acquisition of smart metering services provider SmartSynch. Former SmartSynch chief executive Stephen Johnston will continue working in a leadership role and will set cellular technology strategy for integrated smart grid solutions at Itron. SmartSynch has more than 130 customers, including nine of the top ten utilities in North America. "By expanding our offering to include integrated cellular communications, we are positioned to help customers deploy the best technology mix and accelerate the adoption of smart metering and smart grid technologies," said LeRoy Nosbaum, Itron president and chief executive in a statement. Itron expects to see approximately $50 million in revenues in 2012 due to the acquisition. Itron's acquisition of SmartSynch, which uses a cellular network for communicating utility data, was first announced in February. SmartSynch's technology was recently chosen by Consumers Energy for a grid and meter modernization program for 1.8 million customers in Michigan.