Liberty Lake-based utility-tech company Itron Inc. has acquired Newport Beach, California-based Elpis Squared for $35 million, according to a U.S. Securities and Exchange Commission filing.

Founded in 2013, Elpis Squared is a provider of software and services for utility grid operations.

“The acquisition of Elpis Squared strengthens Itron’s Grid Edge Intelligence portfolio,” Don Reeves, senior vice president of outcomes at Itron, says in a press release.

The transaction, which was completed on March 1, enables Itron to embed real-time, high-resolution "grid edge" data into the power-grid planning, operations, and engineering process, which the company claims is a first for the industry. The grid edge is where smart, or connected, infrastructure meets the electric power grid, according to energy-efficiency advocacy group Alliance to Save Energy.

Elpis Squared has over 10 years of operational experience with some of North America’s largest investor-owned utilities.

“We are excited to be acquired by Itron as we help utilities navigate a transforming grid with confidence,” Bryan Wright, CEO of Elpis Squared, says in the release. “By adding our RE|Grid Suite to Itron’s Grid Edge Intelligence portfolio, Itron will catalyze the transformation of energy infrastructure and help utilities enhance resource productivity and create a sustainable, resilient, and interconnected energy ecosystem.”

Elpis Squared products and services are available to Itron’s customers in North America and are expected to be integrated with the company's Grid Edge Intelligence portfolio in this year's fourth quarter.

A small team of data scientists, software developers, and grid-operations experts from Elpis Squared will join Itron, says Alison Mallahan, senior manager of corporate communications for Itron.

As of January, Itron had a global workforce of about 5,000 employees, including about 450 full-time employees who work at the company's Liberty Lake headquarters.