Siemens Industry, Inc. has signed an agreement to acquire all of the stock of eMeter Corp., headquartered in San Mateo, California. The parties expect to close the deal in December 2011, subject to necessary approvals and customary closing conditions. The parties will not disclose the terms of the agreement.
eMeter will be part of the Smart Grid Division of the Siemens Infrastructure & Cities Sector, which is housed within Siemens Industry, Inc. in the United States. eMeter will become a global business segment and center of competence for Meter Data Management (MDM), and will continue to operate from its San Mateo headquarters as part of the Smart Grid Division. eMeter employees will be integrated into the Siemens business structure.
With its EnergyIP platform, eMeter provides platform and MDM application software for this key market and is expected to enhance Siemens' position. eMeter's expertise will complement Siemens' technology portfolio and integrated Smart Grid solutions offering.
J.P. Morgan served as financial advisor to eMeter in connection with this transaction