On 31 January 2025, Wisconsin-based Badger Meter announced the US$185 million acquisition of SmartCover Systems, a provider of real-time monitoring solutions for wastewater collection systems. This acquisition enables Badger to make inroads within the wastewater asset management market. The company has cited utility challenges such as regulations, labor shortages, rising extreme weather events, and synergies with its existing portfolio (e.g., Syrinix, Telog, ATi, s::can) as key drivers behind the acquisition.
Representing the largest acquisition by Badger since 2010, the addition of SmartCover significantly expands the company’s growing suite of software solutions, enhanced through real-time sewer system monitoring and insights.
In this Research Note:
- Badger leverages scale to enter high-growth wastewater and stormwater markets
- SmartCover offers a mature product scalable in its niche
- Badger updates the software stack to stay competitive with key rivals
