Atlanta, GA, USA --- (METERING.COM) --- January 30, 2007 – . Cellnet Technology, Inc. has announced today that Bayard Group has completed its acquisition of Cellnet and associated subsidiaries. Cellnet will continue to operate out of its Atlanta- area headquarters and nationwide regional offices as an independent company within the Bayard Group portfolio.
The close of the Bayard acquisition follows completion of a record 2006 for Cellnet that was highlighted by a number of achievements. Among these are agreements with several new and existing utility clients for over 1.3 million new advanced metering end-customers, and the installation by Cellnet and its utility customers of over 1 million new on-demand, advanced metering customer endpoints bringing the active total under network to over 11 million.
“We are pleased to announce the rapid close of this acquisition,” said Cameron O'Reilly, managing director Bayard Group. “The acquisition of Cellnet complements the group's existing services and products and furthers Bayard's long-term plan to become the industry's leading provider of energy measurement and efficiency technologies.”
Following Cellnet's acquisition by Bayard, Mike Zito has decided to pursue other interests and has stepped down from his position of CEO. However, he will continue as a special advisor to Cellnet and Bayard. Meanwhile a targeted search for a new permanent CEO is being conducted.