ITRON, INC. acquires Elpis2, Inc. (Elpis Squared)
Snapshot
ITRON, INC. acquired Elpis2, Inc. (Elpis Squared) for $34.1 million in March 2024. The transaction was structured as all cash (stock acquisition funded through cash on hand). Elpis2, Inc. (Elpis Squared) is a Grid analytics / utility software business.
- Acquirer
- ITRON, INC.
- Target
- Elpis2, Inc. (Elpis Squared)
- Value
- $34.1 million
- Date
- March 2024
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
ITRON, INC. acquired Elpis2, Inc. (Elpis Squared) for $34.1 million, a transaction completed in March 2024, structured as all cash (stock acquisition funded through cash on hand).
Elpis2, Inc. (Elpis Squared) operates in Grid analytics / utility software, had revenue of about Not material (per Itron's FY24 10-K). 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.
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.
Grid-analytics and operational software directly strengthened Itron's higher-margin Outcomes/software segment. Itron Outcomes offerings
No advisory firms have been disclosed for this transaction.