Smart Metering Systems, the Scotland-based company has agreed to pay £14m to acquire Utility Partnership Limited ahead of the UK-wide smart meter roll out.
Utility Partnership Limited (UPL) specialises in the managing and installation of electricity meters as well as monitoring and managing the energy use data results. This, coupled with the company’s revenue of £11.1m in the year to July 2013, places UPL at the center of the growing smart meter market.
Smart Metering Systems announced their acquisition of the entire issued share capital of UPL. £9.7m of which was a cash deal and the remaining £4.3m through the issue of 1,246,277 ordinary shares.
The UK government’s smart meter roll out will increase demand for metering services – something that Smart Metering Systems has recognised and subsequently acted on. The company has previously specialised in gas meters, placing them in a firm position for the smart meter roll out.
The roll out means that every household and business in the country will have a smart meter installed by 2019.