It's probably the largest gov tech deal ever.
Aclara Technologies, a provider of smart meters, communication infrastructure and software for utilities, has been sold to a publicly-traded company.
Hubbell Power Systems, under the larger umbrella of Hubbell Incorporated, has purchased Aclara for $1.1 billion. That makes the deal very possibly the largest equity transaction involving a gov tech company ever — surpassing the purchase of Accela earlier in 2017 for somewhere between $500 million and $1 billion.
Hubbell, which sells infrastructure necessary to get electricity and water to end users, bought Aclara from Sun Capital Partners. Sun Capital bought Aclara from ESCO Technologies in 2014, then spent the next three years completing a series of acquisitions that expanded Aclara’s business to include new employees and a larger international footprint.
Aclara has more than 800 customers and a sales backlog worth about $1 billion, according to a Sun Capital press release.