US smart metering and smart grid company Silver Spring Networks has announced it will acquire California-based Detectent, a partner company offering utility data analytics, by the first quarter of 2015.
Silver Spring has offered Detectent's solutions through its SilverLink Sensor Network apps catalogue since May 2014 but decided to buy the company to broaden its own market reach, said Scott Lang, chairman, president and CEO at Silver Spring Networks.
Mr Lang said: "We are pleased to [..] serve Detectent’s impressive customer lineup and extend these innovations to our global client base.”
US customer base
Detectent’s solutions are being used to analyze data from more than 25 million water, gas and electricity meters in the US in both advanced metering infrastructure (AMI) and legacy environments.
Silver Spring intends to offer the analytics software as both as standalone solution or as part of SilverLink, its big data platform.
The Silicon Valley-based company said it expects the transaction to be neutral to non-general accepted accounting principles, excluding deal-related charges.
Expanding smart grid portfolio
The news comes just two months after Silver Spring announced it was laying off some global staff in a bid to save US$2 million by the end of 2015.
And in February 2014, Silver Spring reported disappointing revenue results as a result of AMI contracts drying up in the US and missing out on large smart metering contracts in Europe.
The company is now seen to be repositioning itself as a smart grid services provider in order to tap into the wider smart energy market.
(Pic credit: Computer Weekly)