Badger Meter Acquires UDlive, Eyes Global Smart Sewer Leadership

MILWAUKEE, WI – April 17, 2026 – Badger Meter, Inc. (NYSE: BMI) announced today it has signed a definitive agreement to acquire UDlive Limited, a United Kingdom-based leader in sewer monitoring technology, for $100 million in cash plus potential contingent consideration. The move signals a major strategic consolidation in the rapidly expanding smart water sector, positioning the Milwaukee-based company to become a dominant global force in managing the world’s critical wastewater infrastructure.

The acquisition, expected to close by the end of April 2026, combines Badger Meter’s existing U.S.-focused SmartCover® solutions with UDlive’s commanding presence in the UK market. This creates an industry-leading footprint in sewer line monitoring across key international markets, aimed squarely at addressing the mounting pressures of aging infrastructure, tightening regulations, and climate-driven weather volatility.

A Strategic Play for Global Dominance

For Badger Meter, the acquisition is a calculated step to deepen its hardware-enabled software offerings within its BlueEdge® suite of water management solutions. By integrating UDlive, the company not only gains a leading technology and a strong European foothold but also a business with a proven track record, reporting $22 million in revenue and positive operating profit in its last fiscal year.

“UDlive is a strong strategic fit with our BlueEdge portfolio and is a natural addition to SmartCover,” said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer of Badger Meter, in a statement accompanying the announcement. “Together, SmartCover and UDlive will create an industry-leading global portfolio of sewer line monitoring capabilities, offering a range of solutions across a broader set of use cases and geographies.”

The synergy between the two entities is a core pillar of the deal. SmartCover has established itself in the U.S. with robust, often satellite-connected monitors ideal for remote locations, while UDlive has pioneered low-power, easy-to-install sensors paired with advanced analytics that have achieved a remarkable 90% tender success rate in the competitive UK utility market. Badger Meter plans to leverage its extensive global sales and distribution network to accelerate UDlive’s adoption far beyond its home market.

Philip Bennett, CEO and co-founder of UDlive, expressed enthusiasm for the merger. “We are excited to join Badger Meter and become part of a broader platform focused on intelligent water infrastructure,” he stated. “SmartCover and UDlive address complementary aspects of sewer line monitoring, and together we can deliver greater value to utilities seeking remote, reliable and relevant solutions to manage increasingly complex wastewater networks.”

Smart Tech for a Hidden World

The technology at the heart of this acquisition provides unprecedented visibility into the vast, unseen networks of pipes beneath cities. Both UDlive and SmartCover deploy sensors in manholes to provide continuous, real-time data on water levels, flow, and temperature. This data is fed into software platforms that use analytics to detect blockages, predict overflows, and identify infiltration from groundwater, enabling utilities to shift from a reactive to a proactive maintenance strategy.

UDlive’s offerings, such as its Pixel II radar-based sensor, are celebrated for their millimeter-level accuracy and an eight-year-plus battery life, allowing for rapid, low-cost deployment without requiring hazardous confined space entry. SmartCover’s solutions, meanwhile, are known for their storm-proof durability and satellite connectivity, ensuring operational continuity even when cellular networks fail during extreme weather events.

By combining these capabilities, Badger Meter can offer a tiered, comprehensive toolkit to utilities of all sizes. A city might use UDlive’s sensors for widespread, high-density monitoring across its urban core, while deploying SmartCover’s satellite units in remote or flood-prone areas. This integrated approach allows for a more tailored and cost-effective strategy to gain actionable intelligence across the entire water cycle.

Confronting Aging Pipes and a Changing Climate

The acquisition arrives at a critical juncture for global infrastructure. The market for wastewater surveillance and management is projected to grow significantly, with some estimates placing the broader wastewater infrastructure market on a path to reach $500 billion by 2030. This growth is not optional; it is driven by urgent necessity.

Across the developed world, much of the wastewater infrastructure is decades old, operating well beyond its intended lifespan. The American Society of Civil Engineers (ASCE) has repeatedly highlighted the dire state of U.S. systems, estimating a multi-billion-dollar annual funding gap. This deterioration leads to leaks, pipe bursts, and sanitary sewer overflows (SSOs)—events where raw sewage is discharged into streets, homes, and waterways, posing significant public health and environmental risks.

Compounding this decay is the increasing frequency of extreme weather events linked to climate change. Intense rainfall overwhelms sewer systems designed for historical weather patterns, leading to widespread hydraulic overloads and overflow events. Simultaneously, stricter regulations from bodies like the U.S. Environmental Protection Agency (EPA) and its European counterparts are imposing heavy fines for such discharges, compelling utilities to invest in better monitoring and control.

Technology from UDlive and SmartCover directly addresses these challenges by providing the data needed to manage networks efficiently, prevent overflows before they happen, and optimize capital spending on repairs and upgrades, thereby building more resilient cities.

Financial Outlook and Market Reaction

The announcement of the acquisition coincided with Badger Meter's first-quarter 2026 earnings report, which saw the company's stock fall nearly 17%. The company reported a 9% decline in total sales to $202.3 million and a drop in diluted earnings per share to $0.93, which management attributed to project timing dynamics and slower-than-expected short-cycle orders. However, leadership reaffirmed its positive long-term outlook, expecting sequential improvement throughout the year.

In this context, the UDlive acquisition is viewed as a pivotal long-term strategic investment. Despite the quarterly downturn, Badger Meter maintains a strong balance sheet with more cash than debt, enabling it to fund the $100 million purchase without taking on new leverage. The company anticipates the deal will be immediately accretive to earnings per share in its first year.

This strategic deployment of capital underscores the company's confidence in the enduring demand for smart water solutions. By investing in a high-growth, high-margin software and technology business, Badger Meter is positioning itself to capture a larger share of a market driven by undeniable global trends, reinforcing its strategy to deliver intelligent, data-driven solutions across the entire water cycle.