German engineering giant Siemens said Monday it has agreed to buy eMeter, a US-based data management specialist, in a bid to enhance its position in the field of so-called smart grids.
Both parties had agreed not to disclose the purchase price and expected to close the deal in "mid-to-late December," Siemens said in a statement.
Given ever-increasing demand for more efficient power supply networks, the acquisition of eMeter -- one of the leading providers of meter data management software worldwide -- was an "important" one, said the head of Siemens' smart grid division, Jan Mrosik.
Siemens said it has worked together with eMeter as a strategic partner since 2008.
In October, Siemens pooled its business of intelligent power supply networks into a new smart grid division, which supplies power providers and network operators, businesses and cities with products and solutions for intelligent and flexible network infrastructures.