Itron Completes Acquisition of Flow Metrix, Inc.
Strategic Acquisition Enhances Solutions and Adds Value for Water Utilities
SPOKANE, Wash.--(BUSINESS WIRE)--Itron Inc. (NASDAQ: ITRI) announced today that it has signed an agreement to acquire all of the outstanding capital stock of Flow Metrix, Inc. in a cash-for-stock merger.
Flow Metrix develops and manufactures advanced leak detection systems for underground pipelines which allow customers to reduce their “unaccounted for” water and improve efficiency.
The newest product from Flow Metrix is the MLOG™ leak detection system, a network of intelligent leak detecting sensors which use acoustics to monitor the entire water distribution system. A typical Flow Metrix installation includes a ratio of one MLOG sensor for approximately every ten water meters and uses Automated Meter Reading (AMR) systems to transmit leak information from underground pipes to the utility. MLOG software is used to analyze the data collected and provide the utility with intelligent analysis to pinpoint leaks.
“Water conservation and leak detection are top of mind to many water utilities,” said Malcolm Unsworth, senior vice president of Itron Hardware Solutions. “We are excited to combine Flow Metrix’s proven leak detection solutions with our leading edge water fixed network to enhance the value of both solutions for our customers.”
The initial purchase price will be paid in cash, subject to certain escrow provisions. Additional payments may be made if certain technological and integration milestones are achieved within the first 36 months. Additionally, the agreement provides Itron an option to purchase additional technology targeted at energy pipeline integrity.
About Itron:
Itron is a leading technology provider and critical source of knowledge to the global energy and water industries. Nearly 3,000 utilities worldwide rely on Itron technology to provide the knowledge they require to optimize the delivery and use of energy and water. Itron creates value for its clients by providing industry-leading solutions for electricity metering; meter data collection; energy information management; demand response; load forecasting, analysis and consulting services; distribution system design and optimization; web-based workforce automation; and enterprise and residential energy management. To know more, start here: http://www.itron.com/.
About Flow Metrix:
Flow Metrix has 12 employees and is headquartered in Maynard, Massachusetts. Research and development, manufacturing, technical support and administrative operations are all located in the United States. The Company sells primarily through distributors and representatives worldwide.