SmartSynch

About SmartSynch

SmartSynch, established in 1998 and headquartered in Jackson, Mississippi, operated as a provider of smart grid solutions that leverage public cellular networks for communications. The company developed IP-enabled smart metering technology designed to monitor, capture, and transmit power consumption data over wireless networks. This technology provided utility and clean-tech clients with remote communication and control capabilities for a variety of products. The firm's primary clients were utility companies, including nine of the top ten utilities in North America at the time of its acquisition.

The company's business model centered on providing point-to-point smart grid solutions. Its core offering was a two-way data transceiver that operated over public wireless infrastructures, a technology that could be applied to markets beyond utilities. This system was particularly effective in areas where traditional radio frequency (RF) mesh networks were not available or were cost-prohibitive, such as sparsely populated rural regions or dense urban environments that could interfere with RF signals. For over a decade, SmartSynch partnered with Itron, a major provider of energy and water resource management solutions, delivering integrated products to some of Itron's largest customers.

A significant milestone for SmartSynch was its acquisition by Itron. The agreement was announced in February 2012 and finalized on May 1, 2012, for a transaction value of $100 million. This strategic move was intended to strengthen Itron's cellular communications offerings and provide utility customers with a broader range of smart metering deployment options. Before the acquisition, SmartSynch had raised a total of $76 million in funding over eight rounds from investors including Credit Suisse and Southern Farm Bureau Life Insurance. At the time of the sale, the company served over 130 customers and the deal was expected to add approximately $50 million in annual revenue to Itron. Following the acquisition, SmartSynch's CEO, Stephen Johnston, transitioned into a leadership role at Itron to direct the strategy for integrated cellular smart grid solutions.