Indian multi-national firm Secure Meters Ltd, a solutions provider for revenue management, power quality and energy efficiency, on Thursday said it has acquired 100% stake in Switzerland-based Adaptricity AG from Germany's Leoni AG.
“Adaptricity and Secure Meter’s products, market reach and approach are completely complementary to each other," said Sunil Singhvi, CEO, energy SBU, Secure Meters, in a statement. This will give the companies access to new markets, he added without disclosing the financial details of the transaction.
Secure Meters plans to invest more to strengthen its technology and to 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, has operations in India, UK, Australia, Sweden, Italy and the Middle East.
Global investment bank Singhi Advisors acted as the sole advisor to Secure Meters for the transaction.
Leoni AG, a producer of wires and wire systems, divested Adaptricity as part of its strategic focus on its core business. Leoni AG was advised by Proventis Partners, a member firm of Mergers Alliance.