Sensus, the Raleigh company that makes two-way utility meters and smart grid technology, will become a little less visible in its home state thanks to a recent debt restructuring.
At the same time, Sensus expects to continue on the hiring trajectory that has doubled the company's size to 336 employees in the Triangle over the past two years.
It's a noteworthy trend for a company that has a low public profile in this state, since North Carolina is still a virtually nonexistent market for Sensus' flagship products in the smart grid field.
Sensus makes the communications networks for digital utility systems known as smart grids. The company also makes the two-way utility meters that allow homeowners and businesses connect to smart grids and adjust thermostats remotely and track daily energy usage.
The global company's only customer in this state is the Town of Cary, which paid $17.9 million for a Sensus metering system for the city's 48,500 water customers. The system records water flow every hour, rather than once a month, making it easier to monitor continuous water flow, a sure sign of leaks.
Sensus will be a little harder to get to know this year as a result of restructuring its $675 million debt this month. The company will no longer file public documents with the Securities and Exchange Commission.
The global technology company paid off its previous loan, including a publicly-traded bond that required quarterly and annual public filings. Sensus, with 3,600 employees worldwide, was required to make the SEC filings for 10 years even though it's a privately held company and owned by investment funds.
Sensus moved its headquarters to Raleigh in the late 1990s when the company was a subsidiary of a U.K. conglomerate. It was spun off as as stand-alone business in 2003.
Sensus opened a Morrisville office in 2009; it houses engineers who develop and test smart grid communications technology.
The company has about 300 customers for smart grid products, including Southern Co. in Georgia and PECO in Pennsylvania.