News : Itron, Inc. Acquires Peak Holding Corp.
Liberty Lake, WA, USA, May 8, 2017 -- Itron, Inc. (NASDAQ: ITRI), a technology and services company dedicated to the resourceful use of energy and water, announced that it has signed a definitive agreement to acquire privately held Comverge by purchasing its parent company, Peak Holding Corp. The acquisition combines a provider in gas, water, electricity and smart cities solutions with a provider of demand response, which expands the scope of smart grid offerings for the industry.
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"The acquisition of Comverge enables Itron to offer a unique solution set that brings Comverge’s demand management solutions to the edge of the network using OpenWay Riva’s edge intelligence and processing capabilities. This will enable utilities to better integrate distributed energy resources and optimize grid performance and reliability. With this acquisition, we are delivering even more value for our customers on top of industry-leading AMI and smart grid solutions enabling a robust, active grid," said Philip Mezey, Itron’s president and chief executive officer.
"There are tremendous opportunities that exist, between our technologies, operations and customer relationships. The combination of Comverge and Itron is beneficial for both companies and, most importantly, to our employees and customers," said Gregory Dukat, Comverge’s chairman, president and chief executive officer. "We’ve spent the last several years successfully pivoting from a hardware-oriented demand response company to a software and services company focused on delivering increased value to our customers. By integrating with Itron’s platform, we create a more compelling offer that leverages data and analytics to optimize the management of distributed energy resources, delivering even greater customer value."
Posted by Veronica Silva Cusi, news correspondent
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Itron Inc. is a global technology company that provides solutions that help utilities measure, monitor and manage electricity, natural gas and water. Itron has nearly 8,000 utilities in more than one hundred countries using their technology to optimize the delivery and use of energy and water. Itron's products include electricity, gas, water and thermal energy measurement and control technology; communications systems; software; and professional services.
Published: Tuesday, May 9, 2017