Udaipur-based Secure Meters a solutions provider for revenue management, power quality and energy efficiency has acquired 100 percent stake in Adaptricity AG, a Switzerland-based premium provider of smart grid solutions.
Adaptricity, a unit of Leoni AG, manufactures wires and wire systems and the German firm has decided to divest its holding to focus on its core businesses.
Adaptricity AG's modular and cloud-based solution platform represents for Secure Meters an ideal strategic addition to its own product portfolio for distribution network operators.
Secure Meters plans to invest in the further expansion of the technology and to integrate Adaptricity AG's products into its international sales activities, the statement said.
Adaptricity AG will operate as a 100 percent subsidiary of the Secure Meters Group.