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
On March 1, 2024, we completed the acquisition of 100% of the shares of Elpis2, Inc. (Elpis Squared), a privately held software and services company. 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. The purchase price for this acquisition was $34.1 million.Itron FY24 10-K, Note 18: Business Combination
Advisory firms were not disclosed for this transaction.