Silver Spring Networks, Inc.
10-K - Feb 28, 2019
On January 5, 2018, we completed the acquisition of Silver Spring Networks, Inc. (SSNI) by purchasing all outstanding shares for $16.25 per share, resulting in a total purchase price, net of cash, ...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Itron, Inc.
ITRIActiveCIK 780571 · Water Infrastructure & Treatment Equipment
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ITRI filings, SEC EDGAR
$3,630
Market cap ($MM)
$3,042
Enterprise value ($MM)
$2,347
Revenue · LTM ($MM)
$409
EBITDA · LTM ($MM)
17%
EBITDA margin
1.3x
EV / revenue
7.4x
EV / EBITDA
2.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ITRI is a scaled public consolidator in Water Infra, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is XYL, VLTO, PNR, WTS, WMS, MWA.
Balance sheet & capacity
Indicative capacity read: 2.1x net debt / EBITDA with EBITDA of $409MM.
$713
Cash & equiv. ($MM)
$1,574
Total debt ($MM)
$861
Net debt ($MM)
2.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ITRI versus the scaled public Water Infrastructure & Treatment Equipment comparables.
Indexed share-price performance
ITRI versus available Water Infrastructure & Treatment Equipment peers and SPY.
-11%
ITRI
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Itron, Inc. | ITRI | $2,347 | $409 | 17% | $3,630 | $3,042 | 1.3x | 7.4x | 2.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ITRI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
28
Active years
8
Named deals
6
Avg / active year
3.5
Acq. cash outflow ($MM)
N/A
Banker read
- 01ITRI reads as a programmatic acquirer: 28 disclosed acquisitions across 8 active years, or 3.5 per active year. The chart shows activity in 7 of the last 9 visible years.
- 02In the last three years, the file shows 2 acquisitions versus 3 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $5.6B of disclosed spend is concentrated in lumpy years, with FY08 the largest year at $1.7B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
ITRI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
2 / 3
Last three years is down 33% vs prior three.
Peak count year
FY06
3 disclosed acquisitions in the peak visible year.
Recent spend
$1.2B
is up 20% vs prior three; peak FY08 at $1.7B.
Named evidence
6 rows
21% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 5, 2018 | Silver Spring Networks, Inc. | Water infrastructure, treatment, and equipment | $809 | On January 5, 2018, we completed the acquisition of Silver Spring Networks, Inc. (SSNI) by purchasing all outstanding shares for $16.25 per share, resulting in a total purchase... | 10-K† |
| Jun 1, 2017 | Comverge | Water infrastructure, treatment, and equipment | $100 | On June 1, 2017, we completed the acquisition of Comverge by purchasing the stock of its parent, Peak Holding Corp. (Comverge). This was financed through borrowings on our multi... | 10-K† |
| May 1, 2012 | SmartSynch | Water infrastructure, treatment, and equipment | $78 | On May 1, 2012, we completed our acquisition of 100% of SmartSynch. The acquisition was financed through borrowings on our multicurrency revolving line of credit and cash on han... | 10-K† |
| Apr 18, 2007 | Actaris | Water infrastructure, treatment, and equipment | $1,716 | On April 18, 2007, we completed the acquisition of Actaris, which was financed with a $1.2 billion credit facility (credit facility), $225.2 million in net proceeds from the sal... | 10-K† |
| Jan 1, 2007 | Actaris | Water infrastructure, treatment, and equipment | $1,700 | In 2007, following our acquisition of Actaris (now known as Itron | 10-K† |
| Jan 5, 2018 | Silver Spring Networks, Inc. | Water infrastructure, treatment, and equipment | $810 | On January 5, 2018, we completed our acquisition of Silver Spring Networks, Inc. (SSNI) by purchasing all outstanding shares for $16.25 per share, resulting in a total purchase... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 12 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
5
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 17, 2026 | Annual M&A 10-K | accepted | 1 | $331MM | $331MM | SEC filing |
| FY2024 | Feb 25, 2025 | Annual M&A 10-K | accepted | 1 | $34.1MM | $34.1MM | SEC filing |
| FY2023 | Feb 26, 2024 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2022 | Feb 27, 2023 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2021 | Feb 28, 2022 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Feb 24, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Feb 27, 2020 | Annual M&A 10-K | accepted | 1 | N/A | $809MM | SEC filing |
| FY2018 | Feb 28, 2019 | Annual M&A 10-K | accepted | 1 | N/A | $809MM | SEC filing |
| FY2017 | Mar 1, 2018 | Annual M&A 10-K | accepted | 1 | N/A | $100MM | SEC filing |
| FY2016 | Jun 30, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Feb 20, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 26, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Feb 22, 2013 | Annual M&A 10-K | accepted | 1 | $77.7MM | $77.7MM | SEC filing |
| FY2011 | Feb 17, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Feb 25, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2009 | Feb 25, 2010 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2008 | Feb 26, 2009 | Annual M&A 10-K | accepted | 1 | N/A | $1.7B | SEC filing |
| FY2007 | Feb 26, 2008 | Annual M&A 10-K | accepted | 1 | $1.7B | $1.7B | SEC filing |
| FY2006 | Feb 23, 2007 | Annual M&A 10-K | accepted | 3 | N/A | N/A | SEC filing |
| FY2005 | Feb 24, 2006 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | N/A | N/A | SEC filing |
| FY2004 | Mar 11, 2005 | Annual M&A 10-K | accepted | 1 | $248MM | $248MM | SEC filing |
| FY2003 | Mar 12, 2004 | Annual M&A 10-K | accepted | 1 | $71.1MM | $71.1MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 28, 2019 | 10-K | Silver Spring Networks, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 1, 2018 | 10-K | Comverge; Silver Spring Networks, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 22, 2013 | 10-K | SmartSynch | Annual M&ANamed deals | SEC filing |
| Feb 25, 2010 | 10-K | Actaris | Annual M&ANamed deals | SEC filing |
| Feb 26, 2009 | 10-K | Actaris | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Comverge acquisition
10-K - Mar 1, 2018
On June 1, 2017, we completed the acquisition of Comverge by purchasing the stock of its parent, Peak Holding Corp. (Comverge). This was financed through borrowings on our multicurrency revolving l...
SmartSynch
10-K - Feb 22, 2013
On May 1, 2012, we completed our acquisition of 100% of SmartSynch. The acquisition was financed through borrowings on our multicurrency revolving line of credit and cash on hand. SmartSynch provid...
Actaris acquisition
10-K - Feb 26, 2009
On April 18, 2007, we completed the acquisition of Actaris, which was financed with a $1.2 billion credit facility (credit facility), $225.2 million in net proceeds from the sale of 4.1 million sha...
Actaris
10-K - Feb 25, 2010
In 2007, following our acquisition of Actaris (now known as Itron
Silver Spring Networks, Inc. acquisition
10-K - Mar 1, 2018
On January 5, 2018, we completed our acquisition of Silver Spring Networks, Inc. (SSNI) by purchasing all outstanding shares for $16.25 per share, resulting in a total purchase price, net of cash, ...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.