Secure Meters has acquired 100 per cent stake in Switzerland-based smart grid solutions company Adaptricity AG.
Secure Meters, with global installation base of 50 million meters, found a complementary fit in Adaptricity’s products and markets, thereby giving it access to newer markets and product offerings and enabling their combined customers transition to net-zero, a statement said.
Adaptricity, majority-owned by Euro 4 bn German multinational Leoni AG - a leading producer of wires and wire systems- was divested as part of pursuing Leoni's strategic focus on its core business.
''Secure Meters Ltd, an Indian multinational...acquired 100 per cent stake in Adaptricity AG, a Switzerland-based premium provider of smart grid solutions with innovative Cloud-based grid analytics platform,'' the statement said.
Singhi Advisors, a global investment bank acted as the sole advisor to Secure Meters for the transaction.
Leoni AG was advised by Proventis Partners, a member firm of Mergers Alliance, wherein Singhi Advisors is the exclusive Indian member and a strategic stakeholder.
“Adaptricity and Secure Meters' products, market reach and approach are completely complementary to each other, bringing access to new markets and enabling our combined customers to transition to Net Zero,'' said Sunil Singhvi – CEO – Energy SBU – Secure Meters.
Secure Meters’ products and services form a core part of net-zero and decarbonisation journey as they meter, monitor, manage and reduce the use of energy from generation to consumption.
Their solutions include grid metering, consumer gas and electricity smart metering systems, pump and blower efficiency services, consumer products and services for electric and gas consumption.
Secure Meters plans to invest in the further expansion of the technology and to integrate Adaptricity AG's products into its international sales activities. Adaptricity AG will operate as a 100 per cent subsidiary of the Secure Meters Group.
Secure Meters has operations in India, the UK, Australia, Sweden, Italy and the Middle East. Its solutions are available in more than 50 countries.
Since its founding in 2014 as a spin-off company of ETH Zurich, Adaptricity AG has been firmly established as a driver of SmartGrid innovation in the DACH region that comprises Austria, Germany and Switzerland.
Leoni is a global provider of products and solutions for energy and data management in the automotive sector and other industries.
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