Initial Public Offering
Baird served as a co-manager on this offering
AboutSilver Spring Networks, Inc. (“Silver Spring” or the “Company”) (NYSE: SSNI), a portfolio company of Foundation Capital and Kleiner Perkins Caufield & Byers, recently completed an initial public offering of 5,462,500 shares of common stock at a price of $17.00 per share, generating gross proceeds of approximately $92.9 million. Concurrent with the offering, Foundation Capital purchased 705,881 shares at the offering price for a total of $12.0 million in gross proceeds to the Company. Silver Spring intends to use the net from these offerings for general corporate purposes, including working capital and potential acquisitions.
Silver Spring provides a leading networking platform and solutions that enable utilities to transform the power grid infrastructure into the smart grid. The smart grid intelligently connects millions of devices that generate, control, monitor and consume power, providing timely information and control to both utilities and consumers. The Company is pioneering a fundamentally new approach to connect utilities with millions of devices on the power grid and believes its technology will yield significant benefits to utilities, consumers and the environment, including more efficient management of energy and improved grid reliability. Silver Spring’s networking platform provides two-way communications between the utility back office and devices on the power grid. In addition, the Company offers a suite of solutions that run on top of its network and complementary services, including advanced metering, distribution automation and demand-side management. Silver Spring is headquartered in Redwood City, California.
For additional information about this transaction, please contact:
- March 2013
- Silver Spring Networks, Inc.
- Technology & Services
- Target Location
- North America
BGRS, a subsidiary of Relo, combination with SIRVA, a portfolio company of MDP
BHI, a portfolio company of AEI, acquisition by Westinghouse, a portfolio company of Brookfield