Smart City Leader Bolsters Silver Spring’s Internet of Things Networking Platform and Further Expands its Software Portfolio and Geographic Reach
REDWOOD CITY, Calif.--Silver Spring Networks, Inc. (NYSE: SSNI) announced it has entered into an agreement to acquire Streetlight.Vision, a leading provider of control and management software for street lights. Paris-based Streetlight.Vision is engaged in projects with leading cities around the world including in Asia and Europe. This acquisition will enhance Silver Spring’s networked street light solution, expand its geographic reach, and will be leveraged for additional solutions within the growing Smart City market.
“The Streetlight.Vision team has developed a world-class Smart City technology platform. As Silver Spring’s networking technology continues to connect an increasing volume of devices and critical infrastructure, it’s imperative that we provide sophisticated management and control of these complex networks for our customers,” said Scott Lang, Chairman, President and CEO, Silver Spring Networks. “Streetlight.Vision’s successful track record serving a global client base also positions Silver Spring well to expand its footprint into new geographies and markets.”
“As billions of devices are connected to the Internet of Things, the management and operation of critical infrastructure is crucial to the economic competitiveness and sustainability of the world’s leading cities,“ said Christophe Orceau, General Manager, Streetlight.Vision. ”We are thrilled to join an industry leader like Silver Spring. Their proven ability to deliver and operate large-scale networks for cities and energy providers around the world makes them an ideal company to scale our technology to the next level.”
Silver Spring Networks and Streetlight.Vision first began working together on a Smart City project in the City of Paris, successfully demonstrating a networked street lights solution. In addition to the City of Paris, Silver Spring is connecting street lights in iconic cities such as Copenhagen and Miami, and has delivered more than 18.5 million IPv6-networked devices for smart grid networks on five continents.
The acquisition is subject to customary closing conditions.
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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 18.5 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.
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 Streetlight.Vision. 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.
Silver Spring Networks - Noel Hartzell, Global Communications