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ST. PETERSBURG — Infrax Systems Inc., an energy technology company that makes advanced metering products for utility companies, acquired Southern Power & Control, an electrical contractor, for $4.9 million.
Infrax, whose equity is available to investors as an over-the-counter stock, will combine some of its common shares with cash to complete the deal, a release says.
Tampa-based Southern Power generated $22 million in revenues in 2010, according to the release announcing the merger, with average revenues of $18 million over the past five years. In contrast, Infrax appears to still be in the early stages of product development, having generated minimal revenues in 2010 while incurring a nearly $1 million net loss.
But the new transaction could help position Infrax for sales growth in the future. William Berry, Southern Power founder and CEO, acknowledged as much, saying the deal represented “a terrific inroad for INFRAX to sell their smart grid portfolio.”
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