Silver Spring Networks Inc., a publicly traded company from Silicon Valley operating in the smart grid space, said on Jan. 7 that it acquired Escondido-based Detectent Inc. for $12 million cash.
Privately held Detectent provides data analytics software to utilities. The North County business’ products uncover energy theft, among other concerns. Detectent offers software-as-a-service, subscription and software solutions.
Silver Spring (Nasdaq: SSNI) is based in Redwood City and had $327 million in revenue in 2013, up from $197 million in 2012.
The transaction is expected to close in the first quarter and be accretive to Silver Springs’ earnings in 2016, Silver Spring said. The buyer said that Detectent employees would stay with Silver Spring.
Michael Madrazo, CEO of Detectent, founded the company in 2004. Its first customer was New York City’s utility giant, Con Edison. Since then, he built the firm and now has 43 employees, most of whom are in Escondido.