Itron announced it has completed its acquisition of Silver Spring Networks, expanding its portfolio in smart city and industrial IoT markets.
Itron will add Silver Spring’s smart street light offering to expand the smart city offerings. Further, it will leverage Silver Spring’s expertise in industrial IoT to expand its open-standards based IoT platform for connectivity and automation.
“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 modernize critical infrastructure to reduce operating expenses, enhance services and create new revenue opportunities,” said Philip Mezey, Itron’s president and chief executive officer.
“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,” Mezey added.
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.