Siemens Industry, Inc. said it agreed to acquire all of the stock of eMeter Corporation. The deal for the San Mateo, Calif., company is expect to close in December 2011. EMeter is backed by Sequoia Capital, Northgate Capital and Foundation Capital. No terms were disclosed.
Siemens to Acquire eMeter to Enhance Smart Grid Offering
Agreement to Purchase eMeter Corporation Will Bolster Siemens Smart Grid Portfolio and Integration Capabilities
ATLANTA, Dec. 5, 2011– Siemens Industry, Inc. (NYSE: SI) announced today that it has signed an agreement to acquire all of the stock of eMeter Corporation, headquartered inSan Mateo, California (“eMeter”). The parties expect to close the deal in December 2011, subject to necessary approvals and customary closing conditions. The parties will not disclose the terms of the agreement.
eMeter will be part of the Smart Grid Division of the Siemens Infrastructure & Cities Sector, which is housed within Siemens Industry, Inc. 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 the completion of this purchase, Siemens is making a strong commitment to strengthening its position in the Smart Grid market.
With its EnergyIP platform, eMeter is a leader in platform and MDM application software for this key market and is expected to enhance Siemens’ position. eMeter’s expertise will 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.”
J.P. Morgan served as financial advisor to eMeter in connection with this transaction.
eMeter provides essential software that enables electric, gas and water utilities to realize the full benefits of Smart Grid. Leading utilities worldwide depend on eMeter Smart Grid Management software to reduce operational costs, improve customer service, and drive energy efficiency. With the most large-scale deployments in the industry and strategic partnerships with IBM, HCL, SAP and Siemens, eMeter has built a reputation for unparalleled expertise that ensures customer success. For more information visit: www.eMeter.com.
Siemens Infrastructure & Cities Sector, with approximately 87,000 employees worldwide, offers sustainable technologies for metropolitan areas and their infrastructures. Its offerings include complete traffic and transportation systems, intelligent logistics, efficient energy supply, environmentally compatible building technologies, modernization of the way power is transmitted and distributed, and smart consumption of electricity. The sector is comprised of the Rail Systems, Mobility and Logistics, Low and Medium Voltage, Smart Grid and Building Technologies Divisions as well as Osram Sylvania. For more information, visit www.usa.siemens.com/infrastructure-cities
The Siemens Smart Grid Division supplies products and solutions for intelligent and flexible electrical network infrastructures. To meet growing energy needs, the networks of today and tomorrow must integrate all forms of power generation and ensure bi-directional energy and communication flows. Intelligent networks help make it possible to generate and use power efficiently and on demand. They contribute to the electrification of railroads and also supply industrial enterprises, infrastructure elements and entire cities with electricity. For more information, visit www.usa.siemens.com/smartgrid