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Echelon Signs Definitive Agreement With S&T AG to Purchase Its Grid Operations
|By Business Wire
|August 22, 2014 02:30 AM EDT
Echelon Corporation (NASDAQ:ELON), the open-interoperable control
networking pioneer for the Industrial Internet of Things (IIoT), today
announced that it has signed a definitive agreement to sell its Grid
operations to S&T AG, a publicly traded European IT systems provider
with an existing focus on smart energy products and services. The
closing is conditioned upon regulatory approvals. The companies expect
the deal to close by the end of the year.
“This transaction will allow us to focus fully on becoming a key enabler
in the transition to the Industrial Internet of Things, with the
confidence of knowing that S&T will continue to operate our grid
business and support our customers, partners and sales pipeline,” said
Ron Sege, chairman and CEO, Echelon Corp. “With the closing of this
agreement, we can turn our attention to developing, marketing and
selling our industry-leading, open-interoperable control networking
platform for the IIoT — especially bringing the benefits of IP-based
converged control systems to building automation, outdoor lighting and
indoor lighting applications worldwide.”
“Acquiring Echelon’s grid business means an important expansion of our
Smart Energy capabilities, further demonstrating our commitment to the
energy market and our belief in the smart grid opportunity,” said Hannes
Niederhauser, CEO of S&T. “Utilities favor end-to-end offerings from
proven vendors with the experience, assets and people required to
successfully deliver grid modernization solutions. We look forward to
combining Echelon’s successful Networked Energy Services (NES) platform
offerings with S&T’s software, system integration and project delivery
capabilities, to serve smart energy customers throughout Europe and
Under the terms of the agreement, Echelon will receive approximately $5
million in upfront consideration, dependent in part on the value of net
assets at closing. After fees, expenses, and restructuring charges are
considered the company expects the net benefit to be nominal. Echelon
will also become a supplier of its industry-leading narrowband
high-reliability power line communications chips to S&T for use in their
smart meters and related products. Echelon will receive future benefits
in the form of revenue from the purchase of these products, as well as
rental income, and potential performance-based consideration of up to $1
million. As part of the transaction approximately 60 current Echelon
employees are expected to join S&T. The acquisition is anticipated to be
accomplished via a subsidiary established by S&T.
S&T is committed to supporting the Open Smart Grid Protocol (OSGP),
which Echelon has helped spearhead, and to join other OSGP partners in
support of this standard for the control of smart grids. S&T also plans
to partner with members of the Grid Modernization VAR program, adding
the S&T product portfolio to expand the number of products and services
the program can offer.
About S&T AG
S&T AG, with headquarters in Linz, Austria, is listed on the Prime
Standard segment of the Frankfurt Stock Exchange. The company has
approximately 1,550 employees and offices in 17 countries in Central and
Eastern Europe. S&T is one of the three largest providers of IT systems
in Austria and in Eastern Europe. One of S&T’s main assets is the
exceptional breadth of its portfolio of products and services, many of
which feature proprietary technologies. With areas of focus that include
smart energy, cloud security and mobile IT, S&T supplies its portfolio
throughout Central and Eastern Europe.
About Echelon Corporation
Echelon Corporation (NASDAQ:ELON), a pioneer in developing open-standard
control networking platforms, delivers all the elements necessary to
design, install, monitor and control industrial-strength ‘communities of
devices’ within the lighting, building automation, grid, Internet of
Things, ‘maker’ and other markets worldwide. Echelon develops and sells
complete systems and subsystems for target applications, plus
system-on-chips (SoCs), embedded software, and commissioning and
management tools for OEMs. With more than 100 million Echelon-powered
devices installed worldwide, the company helps its customers easily and
safely migrate existing control systems to the most modern platforms,
while bringing new devices and applications into an ever-growing global
Industrial Internet. Echelon helps its customers reduce operational
costs, enhance satisfaction and safety, grow revenues and perform better
in both established and emerging markets. More information about Echelon
can be found at www.echelon.com.
Echelon and the Echelon logo are registered trademarks of Echelon
Corporation registered in the United States and other countries. Other
product or service names mentioned herein are the trademarks of their
This press release may contain statements relating to future plans,
events or performance. Such statements may involve risks and
uncertainties; the risk that Echelon's product and service offerings by
themselves or combined with other applications or offerings do not
perform as designed or do not offer the expected benefits and savings;
and other risks identified in Echelon's SEC filings. Actual results,
events and performance may differ materially. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. Echelon undertakes no obligation to release
publicly the result of any revisions to these forward-looking statements
that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
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