Telkonet Acquires Smart Systems
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3/19/2007—Network systems provider Telkonet has completed its acquisition of Smart Systems International, a manufacturer of of energy systems management technologies.
In the education space, Telkonet is known for its iWire System, a technology that provides broadband access over electrical wiring in buildings. The system uses existing power lines to transmit data. Combined with a newly developed mobile computing lab, it offers connectivity for both in school and mobile applications.
Smart Systems International, to date, has been involved in the hospitality industry, providing in room energy controls. But Telkonet said this week that it plans to integrate both companies' technologies to "provide a cost-effective, easy to install broadband platform to network all the energy-related components." The company said it will create a Web-based "Enterprise Energy Management System" to enable remote energy management, monitoring, and analysis.
Telkonet acquired "substantially all" of Smart Systems' assets for roughly $7 million in cash and common stock.
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