Smart Grid Pioneer Bolsters its Big Data Position, Broadens its Software and SaaS Solutions to Address Critical Utility Needs
Redwood City, CA – January 7, 2015 – Silver Spring Networks, Inc. (NYSE: SSNI) today announced it has entered into an agreement to acquire privately held Detectent Inc., a leading provider of utility data analytics solutions. Based in Escondido, California, Detectent’s SaaS, subscription, and software solutions help improve advanced metering infrastructure (AMI) and utility grid operations, ensure revenue protection, and deliver enhanced customer engagement programs. Detectent’s solutions currently analyze data from more than 25 million water, gas, and electricity meters, in both AMI and legacy environments, from over 20 leading utility customers across the United States. Detectent has been a Silver Spring partner since May 2014 with its solutions offered through Silver Spring’s SilverLink™ Sensor Network apps catalogue.
“As a recognized industry leader, Detectent is delivering innovative data analytics solutions to some of the leading U.S. utilities,” said 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.”
“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. “Silver Spring has a proven track-record with blue-chip utilities around the globe, has connected more than 20 million devices worldwide, and is delivering the next-generation platform to transform real-time smart grid data into knowledge and action. As we prepare to join the Silver Spring family, we are excited by the enhanced value we can create globally.”
Detectent’s utility analytics solutions will be offered both as a stand-alone solution or powered by Silver Spring’s smart grid big data platform – the SilverLink Sensor Network. The SilverLink Sensor Network unlocks big data on the smart grid at up to 10x the speed and 1/10th the cost of traditional utility IT infrastructure. With fully networked devices across its grid, a utility can easily and quickly organize, program, and use smart grid big data for a more agile and innovative organization.
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.
For more information on Silver Spring’s acquisition of Detectent please visit http://ir.silverspringnet.com/investor/investor-resources/Acquisition-FAQs
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About Silver Spring Networks
Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Silver Spring’s pioneering IPv6 networking platform, with more than 20 million Silver Spring enabled devices delivered, is connecting utilities to homes and business throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring’s innovative solutions enable utilities to gain operational efficiencies, improve grid reliability, and empower consumers to monitor and manage energy consumption. Silver Spring Networks’ customers include major utilities around the globe such as Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CPS Energy, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy and Singapore Power, among others. To learn more, please visit www.silverspringnet.com.
Silver Spring Networks
Silver Spring Networks
This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding the expected completion of and benefits from the acquisition of Detectent. Statements including words such as “anticipate”, “believe”, “estimate”, “expect” or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the conditions to the closing of the deal may not be satisfied, the acquisition may not be completed successfully, the business may not be integrated successfully, as well as those described in Silver Spring Networks’ documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.