ATLANTA, Dec. 6, 2011 -- Siemens Industry Inc. (NYSE: SI) has signed an agreement to acquire California-based eMeter Corporation.
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. The parties expect to close the deal in December 2011, subject to necessary approvals and customary closing conditions. Terms of the agreement were not disclosed.
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