French technology group Sagemcom has acquired Germany smart-metering company Froschl for an undisclosed sum.
Sagemcom (Rueil-Malmaison, France), which sells terminals in the digital TV, energy and document-management sectors, claims the takeover will help it realize an ambition of becoming a major international player in the smart-meter market.
Froschl specializes in developing data-management software that will round out Sagemcom’s portfolio, according to the French company, and help it to win new business.
Sagecom’s aim is to cover the entire smart-meter value chain, from communicating meters to the processing of data collected, and be one of the few companies to offer a full range of products to energy operators.
Froschl is set to become part of Sagemcom’s Energy & Telecom subsidiary at a time when the market for smart-meter products is one of the most dynamic parts of the M2M industry.
“We are delighted with this acquisition. Froschl’s reputed expertise will enable us to meet all requirements for metering solutions, by offering a complete range and optimized value to our customers internationally,” said Patrick Sévian, Sagemcom’s chief executive, in a statement.
Froschl employs about 70 workers and provides support for more than 250 customers throughout the world with services and consultancy teams.
Sagemcom, meanwhile, had a turnover of nearly €1.5 billion last financial year and 4,600 employees throughout the world. Revenues generated by its smart-meter business have been growing fast, says the company, rising by 40% in 2011.
“I am enthusiastic about the idea that a leading group such as Sagemcom can boost the international development of my company", said Wilfried Froschl, Froschl group chief executive.
Sagemcom says it will continue to pursue an international development strategy of growing organically through targeted acquisitions, expanding its product range and providing access to new markets.