ITRON acquisition history

Luxembourg-based Actaris was a global leader in electricity, gas and water metering, primarily outside North America. The combination created one of the largest electricity, gas and water metering companies in the world, with more than 8,000 utility customers, 33 manufacturing facilities, customers in more than 60 countries and more than 8,500 employees. approximately $1.7 billion (€800 million plus retirement of approximately €445 million of debt).

We are delighted to announce the completion of the Actaris acquisition. In talking with customers, investors and employees over the past two months it is apparent that this is the right acquisition at the right time.LeRoy Nosbaum — Chairman and CEO, Itron, Inc.

The combination of Itron and Actaris will create opportunities for both companies, for our customers and for our investors and we are looking forward to making the most of those opportunities.LeRoy Nosbaum — Chairman and CEO, Itron, Inc.

SmartSynch, headquartered in Jackson, Mississippi, was a leading provider of point-to-point smart grid solutions that use a cellular network for communications. The company had more than 130 customers, including nine of the top ten utilities in North America, and had partnered with Itron for more than a decade delivering integrated solutions.

SmartSynch is a compelling strategic acquisition that strengthens our position in the industry and with our energy and water utility customers. SmartSynch brings a highly complementary technology to our existing communication network offering, broadens our portfolio and enhances Itron's ability to support our customers with their smart grid projects.LeRoy Nosbaum — President and CEO, Itron, Inc.

Utility customers are demanding more options and this is a combination that just makes sense. Our companies share existing customer relationships, integrated technologies and a common culture that will enable us to pursue new opportunities.Stephen Johnston — CEO, SmartSynch

Comverge was an industry-leading provider of integrated demand response, energy efficiency and customer engagement solutions. Itron acquired Comverge by purchasing its parent company, Peak Holding Corp. The deal expanded the scope of Itron's smart grid offerings and enabled integrated cloud-based demand response, energy efficiency and customer engagement solutions. approximately $100 million.

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.Philip Mezey — President and CEO, Itron, Inc.

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.Gregory Dukat — Chairman, President and CEO, Comverge

San Jose, California-based Silver Spring Networks provided Internet of Important Things connectivity platforms and solutions to utilities and cities. In 2016 it generated revenues of $311 million with a 44 percent gross margin and ended the year with $1.2 billion of backlog; more than 20 percent of revenues were recurring managed-services and SaaS. To date Silver Spring had delivered more than 26.7 million network-enabled devices across five continents. approximately $830 million (net of $118 million cash); $16.25 per share in cash.

The addition of Silver Spring brings more capabilities to our offerings and advances our strategy of delivering highly secure, value-generating solutions for the critical infrastructure within utilities, smart cities and the broader industrial IoT sector.Philip Mezey — President and CEO, Itron, Inc.

Joining forces with Itron will enable us to help more utilities and cities adopt the industrial Internet, improve their performance and reliability, and better position themselves for a connected future.Mike Bell — President and CEO, Silver Spring Networks

Elpis2, Inc. (Elpis Squared) was a privately held software and services company whose utility grid analytics, services and operational software platforms enhance Itron's Outcomes offerings. The purchase price was allocated primarily to $15.0 million in finite-lived intangible assets and $19.3 million in goodwill.

On March 1, 2024, we completed the acquisition of 100% of the shares of Elpis2, Inc. (Elpis Squared), a privately held software and services company. This acquisition provides value to Itron through the leverage of Elpis Squared's utility grid analytics, services, and operational software platforms to enhance Itron's Outcomes offerings. The purchase price for this acquisition was $34.1 million.Itron FY24 10-K — Note 18: Business Combination

Urbint, Inc. was a privately held software company based in Miami, Florida, serving utilities with AI-powered operational resilience solutions. Upon acquisition Urbint became a wholly owned subsidiary of Itron and operates within the Resiliency Solutions segment. The preliminary purchase price allocated to acquired assets and liabilities was $330.7 million. $325 million (announced); preliminary purchase price ~$330.7 million at close.

The addition of Urbint to Itron's portfolio signifies another step in the execution of our strategy to enable Itron's customers to address the most pressing issues in the industry today. Urbint's AI-powered operational resilience solutions enhance Itron's existing offerings.Tom Deitrich — President and CEO, Itron, Inc.

We are excited to join Itron and believe this gives Urbint an opportunity to accelerate our mission of building resilience alongside the industry leader in technology for utilities.Corey Capasso — Founder and CEO, Urbint, Inc.

Locusview, Ltd. and subsidiaries was a privately held utility-focused software and services company based in the United States and Israel. Its scalable SaaS digital construction management platform helps critical infrastructure providers improve the productivity and management of construction projects, expanding Itron's Resiliency Solutions offerings. $525 million (preliminary).

Locusview's digital construction management platform further expands Itron's Resiliency Solutions offerings to our customers. Locusview's scalable SaaS based business is purpose-built and helps critical infrastructure providers improve the productivity and management of construction projects.Tom Deitrich — President and CEO, Itron, Inc.

SELC is a market-leading supplier of Networked Lighting Controllers (NLCs) for the smart lighting-controls industry and a longtime Itron partner, with deployments including Copenhagen, Denmark and more than 500,000 smart nodes at Florida Power & Light. Itron acquired SELC from a subsidiary of Xylem to vertically integrate its smart-city offerings and strengthen its position as an end-to-end smart-city solution provider.

Schlumberger Electricity Metering was, per Itron's official company history, the industry leader in solid-state electricity metering technology. Itron acquired the business in 2004, developing an integrated platform for creating and collecting meter data.

C&N GasGate is a technology for smart gas distribution systems. Itron's official company history records that Itron acquired C&N GasGate technology in 2012 to enhance its smart gas distribution offerings.

UTS brought MV-90, an industry-leading metering software application, into Itron's software portfolio; MV-90 is used to collect, analyze and apply advanced meter data from commercial and industrial energy users. Itron's official company history records the acquisition in 1996.