Itron Buys Assets Of Canadian Firm

Itron Inc. will use patents and other intellectual property purchased from a Canadian firm in the development of its automatic meter reading technology, Treasurer Mima Scarpelli said Friday.

The patents, which represent most of the assets of Iris Systems Inc., were bought for $3 million cash, she said.

Iris, based in Winnipeg, Manitoba, will continue to operate, Scarpelli said, but has left the meter-reading business.

Itron President Johnny Humphreys said the patents will be a valuable addition to the company’s portfolio of intellectual property.

“The acquisition strengthens Itron’s position and enhances our ability to capitalize on the numerous AMR opportunities that lie ahead,” he said.

Scarpelli noted that Itron was competing with two other companies for Iris’ AMR assets.

The deal is the latest of several Itron has made to broaden its product offerings and establish strategic relationships with other companies.

, DataTimes