Sensus, one of the world’s largest smart meter manufacturers, on Monday formally announced its acquisition of Verdeeco, an Atlanta-based startup.

The deal was first reported on Friday by the Atlanta Business Chronicle. 

According to reports, the Raleigh-based Sensus was expected to announce the deal this week week, and that it paid nearly $5 million for the two-year-old startup.

Both Verdeeco and Sensus have remained mum about the deal on Friday.

Verdeeco will operate as a separate brand but as part of Sensus, the firms said early Monday.

“The importance of data in our industry revolves around not only the ability to gather it from disparate sources, but to generate actionable insights that help utilities realize greater value from their technology investments,” said Sensus President Randy Bays in a statement announcing the deal. “Our customers can select from individual applications that satisfy a specific need and know that the platform exists for adding more applications in the future.”

Sensus plans to incorporate data from smart sensors and meters as well as external data such as weather reports to provide actionable information to clients that can save money.

Verdeeco provides technology and services to aggregate data from smart meters and other sources.

“We are thrilled to join the Sensus family and broaden our platform to deliver even more benefits to current and future customers,” said Verdeeco CEO Brian Crow. “The acquisition further validates our ability to deliver innovative solutions to the utility industry.”