German engineering company Siemens said it will buy out eMeter, a US-based data management specialist.
EMeter sells electric and gas meter data management software to utilities and its software manages more than 20 million metres in the United States.
The companies announced that Siemens will retain eMeter’s San Mateo office, which will become part of Siemen’s smart grid division.
Customers of eMeter include Centerpoint Energy and Silicon Valley Power.
Siemens said it has worked together with eMeter as a strategic partner since 2008. Siemens’ head of smart grid division said given ever-increasing demand for more efficient power supply networks, the acquisition of eMeter — one of the leading providers of meter data management software worldwide — was an "important" one.
Both parties have agreed not to disclose the purchase price.
The deal is expected close in "mid-to-late December," Siemens said in a statement.
