Infrax Systems, a global provider of unified Smart Grid-related products and services for the Energy and Utility industries, today announced the completion of the acquisition of Trimax Wireless, a privately-held, leading edge designer, developer and manufacturer of advanced carrier-grade broadband wireless equipment and other innovative technologies.
“The acquisition of Trimax is a critical step in the growth of Infrax Systems,” states INFRAX CEO, Paul Aiello. “TRIMAX is the perfect complement to INFRAX Systems, giving us greater capabilities, industry position, a clear competitive advantage and additional revenue streams. Their innovative technology integration is core to solving the connectivity issues that arise from the deployment of thousand of intelligent devices along the electrical grid. We are pleased to welcome Trimax to the Infrax family.”
The acquisition was made in accordance to an earlier announcement, for approximately US$10M in a combination of cash and Preferred stock. Trimax had over $1.2M in broadband revenues in 2009 and the combined Company is projecting $6M for the current fiscal year. In addition to their core wireless broadband product offering, the multi-protocol hardware developed and manufactured by Trimax, will provide utilities with a cost effective, robust and very reliable last mile two-way communications solution for upgrading older meters and enhancing the newer ones.
Smart meter penetration in the U.S. is expected to grow to 13.6 million units by the end of this year and more than 33 million units by 2011. Global deployments are expected to exceed 212 million units or $46B by 2014.
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