Siemens Industry Inc. has signed a deal to acquire all of the stock of eMeter Corp., a deal expected to close this month assuming it gets all necessary regulatory approvals. No financial terms were disclosed.
San Mateo, Calif.-based eMeter will be part of the smart grid division of the Siemens Infrastructure & Cities sector, which is housed within Siemens Industry in the United States. eMeter will become a global business segment and center of competence for meter data management (MDM), and will continue to operate from its San Mateo headquarters as part of the smart grid division. eMeter employees will be integrated into the Siemens business structure.
With its EnergyIP platform, eMeter calls itself a leader in platform and MDM application software for this key market and is expected to enhance Siemens’ position. eMeter’s expertise is expected to complement Siemens’ technology portfolio and integrated smart-grid solutions offering.
“The acquisition of eMeter will allow Siemens to expand its reach globally in the Energy Information and Meter Data Management space," said Jan Mrosik, CEO of the smart grid division of the Siemens Infrastructure & Cities sector. “Ever-increasing demand for solutions to improve the effectiveness of the Smart Grid for cities and utilities makes this acquisition even more important. eMeter is renowned for its superior software and services capabilities that enable electric, gas and water utilities to realize the full benefits of the Smart Grid. A combined portfolio of Siemens’ products and solutions and eMeter’s software represents a unique and complementary offering to our customers."
“Siemens’ global reach and innovative products and services coupled with eMeter’s renowned EnergyIP platform, supports an aggressive growth strategy and further penetration into the Smart Grid market," said Gary Bloom, CEO and president of eMeter. “I am confident Siemens will provide eMeter with the level of investment required in people, technology and operations to significantly strengthen our position in the market."