Atlanta, GA, Jan. 29, 2007 — Cellnet Technology Inc. (Cellnet) announced that Bayard Group has completed its acquisition of Cellnet and associated subsidiaries. Cellnet will continue to operate out of its Atlanta-area headquarters and nationwide regional offices as an independent company within the Bayard Group portfolio.
The close of the Bayard acquisition follows completion of a year at Cellnet highlighted by a number of achievements:
* Cellnet executed agreements valued at nearly $220 million with several new and existing utility clients for over 1.3 million new advanced metering end-customers. Cellnet increased its long-term contract backlog during the year to over $2.22 billion.
* Cellnet rapidly expanded its UtiliNet line of two-way solutions with the release of a record number of new endpoints and partner-driven solutions.
* Cellnet and its utility customers installed over 1 million new on-demand, advanced metering customer endpoints bringing the active total under network to over 11 million.
* Cellnet grew annualized revenue by 17 percent and made infrastructure investments while adding 21 percent more staff in anticipation of continued growth.
* Cellnet received awards and recognition from organizations including Frost & Sullivan, Platts, and Chartwell.
“We are pleased to announce the rapid close of this acquisition,” said Cameron O’Reilly, managing director Bayard Group. “This is Bayard’s largest acquisition to date, and we are fully committed to the long-term growth of Cellnet.”
Following Cellnet’s acquisition by Bayard, Mike Zito has decided to pursue other interests and has stepped down from his position of CEO. However, Zito has agreed to be a special advisor to Cellnet and Bayard. O’Reilly will be acting as CEO while Bayard conducts a targeted search for a new permanent CEO. Cellnet will continue to operate as an independent entity led by the existing management team and reporting to an independent board, which O’Reilly will chair.
For more news and exclusive features from Utility Automation & Engineering T&D and Electric Light & Power online, please click here.