Silver Spring Networks Closes Acquisition of Streetlight.Vision
In a ceremony with the City of Paris, Silver Spring Networks, Inc. (NYSE: SSNI) announced it has completed the acquisition of Streetlight.Vision, a Paris-based pioneer of control and management software for smart street light networks that is engaged in projects with leading cities around the world including in Asia and Europe. Joining executives from Silver Spring Networks and Streetlight.Vision were Jean-Louis Missika, the Deputy Mayor of Paris, Bertrand Richard, the President of EVESA, and Sabine Enjalbert, the CEO of the Paris Region Economic Development Agency, among others. During the ceremony, which was held at the NUMA Startup Hub in Paris, Silver Spring also announced that the Streetlight.Vision Paris offices will house a new European R&D and Software Engineering Center for the company.
'Today (May 28th) is a proud day, one where we celebrate two technology leaders coming together for the benefit not only of Parisians, but for millions of citizens around the globe. It's exciting to see Smart City innovation that was first developed right here in Paris now helping increase sustainability, improve transportation, and create economic opportunity for cities worldwide,' said Jean-Louis Missika, Deputy Mayor of Paris. 'Silver Spring's commitment to continued investment in new Smart City technologies also reinforces Paris' position as a global innovation engine and growing center of engineering excellence.'
'Paris has a deep heritage of science and technology innovation and we are thrilled to officially welcome Streetlight.Vision to the Silver Spring family,' said Eric Dresselhuys, Executive Vice President of Global Development, Silver Spring Networks. 'As we expand our global footprint, it makes perfect sense for our European R&D and Software Engineering Center to leverage the strength of the Streetlight.Vision team and the world-class engineering and entrepreneurial ecosystem in Paris.'
'The Paris Region Economic Development Agency is delighted by the arrival of a technology leader such as Silver Spring Networks to the Paris region,' says Sabine Enjalbert, CEO of the Economic Development Agency. 'It reflects the interest of strengthening ties between global innovative ecosystems, especially on the topic of Smart City. Several initiatives were accompanied by our Californian and Parisian teams in this regard, such as the conference on 'R&D for sustainable development and the quality of life in Smart Cities' as part of Futur en Seine 2013 and the cooperation agreements signed between CITRIS and INRIA in early 2014. They have facilitated the connection of Silver Spring Networks with economic actors in the area such as local authorities, large corporate groups, and start-ups, and their collaboration has been key to Silver Spring Networks' success in France.'
In addition to the City of Paris, Silver Spring and Streetlight.Vision are engaged in smart street lights projects in major world cities such as Copenhagen, Dublin, Miami, Oslo, and Dongguan and Foshan in China. Silver Spring's award-winning IPv6 networking platform for the Internet of Things has networked more than 18.5 million devices on five continents and the acquisition of Streetlight.Vision further enhances its technology platform and expands its growth into new geographic markets.
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About Silver Spring Networks
Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Silver Spring's pioneering IPv6 networking platform, with more than 18.5 million Silver Spring enabled devices delivered, is connecting utilities to homes and business throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring's innovative solutions enable utilities to gain operational efficiencies, improve grid reliability, and empower consumers to monitor and manage energy consumption. Silver Spring Networks' customers include major utilities around the globe such as Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CPS Energy, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy and Singapore Power, among others. To learn more, please visit www.silverspringnet.com.
This press release contains forward-looking statements about Silver Spring Networks' expectations, plans, intentions, and strategies, including, but not limited to statements regarding the expected benefits from Silver Spring's acquisition of Streetlight.Vision. Statements including words such as "anticipate", "believe", "estimate", "expect" or 'future' and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the successful integration of Streetlight.Vision into Silver Spring Networks, as well as those described in Silver Spring Networks' documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.