Silver Spring Networks the Redwood City, U.S. based smart grid products innovator is acquiring privately held provider of utility data analytics solutions, Detectent Inc.
“As a recognized industry leader, Detectent is delivering innovative data analytics solutions to some of the leading U.S. utilities,” noted Scott Lang, Chairman, President and CEO, Silver Spring Networks.
“We are excited to enhance the Detectent analytics solutions with our SilverLink platform’s distributed intelligence and real-time data stream capabilities. We are also pleased to broaden our market reach by serving Detectent’s impressive customer lineup and extending these innovations to our global client base,” he further added.
With its Saas subscription, and software solutions Detectent assists in ‘advanced metering infrastructure (AMI) and utility grid operations, ensure revenue protection all the while delivering enhanced customer engagement programs,’ explains the press release announcing the acquisition.
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Presently data from over 25 million water, gas, and electricity meters, in both AMI and legacy environments, spread across 20 leading utility customers in the United States, are being analyzed by Detectent’s products.
The acquisition of the Escondido, CA(US), based outfit was announced on Wednesday. The two have been partners since May last year with Detectent’s solutions being clubbed through Silver Spring’s SilverLink™ Sensor Network apps catalogue.
“Energy theft is a multi-billion dollar challenge for the utility industry. Coupled with operational improvements and enhanced customer engagement, there is a growing opportunity to unlock billions of dollars in value by applying data analytics solutions,“ said Michael Madrazo, CEO of Detectent, about his expectations from the acquisition.
Excluding deal-related charges, Silver Spring expects the transaction to be neutral to non-GAAP earnings in 2015, and accretive beginning in 2016. The transaction is expected to close in the first quarter of 2015, subject to customary closing conditions.
(Image credit: Silver Spring Newtorks)