Secure Meters acquires Adaptrity, based in Switzerland
Secure Meters acquires Adaptrity, based in Switzerland
Indian multinational Secure Meters Ltd, a solution provider for revenue management, power quality and energy efficiency, announced on Thursday that it had acquired 100% of the shares in Switzerland-based Adaptricity AG from German Leoni AG.
“The products, market reach and approach of Adaptricity and Secure Meter are completely complementary,” said Sunil Singhvi, CEO, SBU Energy, Secure Meters, in a statement. This will give the companies access to new markets, he added, without going through the financial details of the deal.
Secure Meters plans to invest more to strengthen its technology and integrate Adaptricity’s products into its international sales activities. Adaptricity will operate as a 100% unit of the Secure Meters Group.
The Indian company, which has a global installation base of 50 million meters, operates in India, the UK, Australia, Sweden, Italy and the Middle East.
Global investment bank Singhi Advisors acted as sole advisor to Secure Meters on the transaction.
Leoni AG, a manufacturer of wires and wire systems, has sold Adaptricity as part of its strategic focus on its core business. Leoni AG was advised by Proventis Partners, a member company of the Mergers Alliance.