Silver Spring Networks to Acquire Streetlight.Vision
May 06 2014 - 4:07PM
Business Wire
Smart City Leader Bolsters Silver Spring’s
Internet of Things Networking Platform and Further Expands its
Software Portfolio and Geographic Reach
Silver Spring Networks, Inc. (NYSE: SSNI) today 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.
Forward-Looking Statements
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 NetworksNoel Hartzell, 650-839-4184Global
Communicationsnhartzell@silverspringnet.comTricia Gugler,
650-839-4504Investor Relationstgugler@silverspringnet.com
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