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Cooper Industries, Houston, said its Cooper Power Systems Inc. subsidiary acquired Cannon Technologies Inc., a Minneapolis-based energy monitoring and metering company.
The purchase was made from a private-equity fund managed by GFI Energy Ventures, the majority owner of Cannon, and the Cannon Technologies founders. Financial terms were not disclosed.
Cannon Technologies serves more than 400 utility customers in North America. The company’s software provides a scalable platform for remotely reading meters, controlling peak load, managing power, and monitoring substation and distribution system assets. Cannon’s installed customer base is rapidly expanding, with revenues expected to be more than $55 million in its current fiscal year.
Cooper Chairman and Chief Executive Officer Kirk S. Hachigian said Cannon provides Cooper Power Systems with automation technologies and expertise that will “help its customers increase productivity, improve system reliability and reduce the cost of delivering electrical power.”
The business will operate as part of the Cooper Power Systems division of Cooper Industries.