Sagemcom Announces the Acquisition of Meter Italia S.p.A.
July 31, 2017 14:00 KST
RUEIL-MALMAISON, FRANCE--(Business Wire/Korea Newswire) July 31, 2017 -- SAGEMCOM STRENGTHENS ITS POSITIONS ON THE MULTI-ENERGY MARKET, BY ACQUIRING METER ITALIA S.P.A, LEADER IN GAS METERING IN ITALY.
As of July 27, 2017, Sagemcom becomes a 100% shareholder of Meter Italia S.p.A through its subsidiary Sagemcom Energy & Telecom SAS. Meter Italia joins the Sagemcom group and becomes Sagemcom Italia S.p.A.
This acquisition represents an opportunity for the Sagemcom Group to access and actively participate in the growth of the gas metering market. Meter Italia has a complete portfolio of traditional and smart residential gas meter, as well as a range of industrial gas meters.
Combining the competencies of Meter Italia and Sagemcom will also allow Sagemcom to address new technology breakthroughs in the world of multi-energy metering, in order to meet the expectations of the market and its customers.
For Patrick Sevian, CEO of Sagemcom, « This acquisition is at the heart of our growth strategy, especially because the smart multi-energy metering market is a promising future for our Group. This strengthens our position as a leader of the multi-energy metering market, specifically in EMEA thanks to Meter Italia's positions and our presence on the Italian market. We are pleased to see Meter Italia join Sagemcom ».
“The integration of an actor like Meter Italia is a real opportunity to immediately become a major player in gas, thanks to the combination of Meter Italia‘s know-how and reputation in the manufacture of gas meters, together with Sagemcom’s expertise in energy management solutions, communication infrastructures and IoT” adds Eric Rieul, VP of Sagemcom Energy & Telecom.
“Joining the Sagemcom Group is a tremendous opportunity for Meter Italia. We will be able to get support from a structure and teams that will allow us to develop our business internationally” concludes Boris Ferraresi, CEO of Meter Italia.
A French high-tech group of international dimensions, Sagemcom operates on the broadband (digital home, set-top boxes, Internet routers, telephony and multimedia terminals), smart city (smart meter, smart grid, smart infra, smart sites and smart services), and Internet of Things markets.
With revenue of around 1.6 billion euros, Sagemcom employs 4000 people on five continents and ships every year more than 25 million terminals. Sagemcom aims to remain a world leader in communicating terminals with high added value.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170728005368/en
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