MetraTech, a provider of metadata-based billing, commerce and settlement solutions uniquely adaptable to multiple business models and industries, has been acquired by Ericsson.

The acquisition includes all 140 MetraTech employees and contractors comprising a team of highly-skilled software experts. It will further build upon Ericsson’s expertise in billing and expands its geographic presence in the US.

The acquisition addresses unique requirements in support of the new revenue models and global commerce that are being driven by IoT and XaaS business models. Ericsson will gain capabilities to support customers, partners and suppliers in multiple industries and accelerate the creation and delivery of new value-added services. Customers can create fluid, personalized, multi-party agreements to meet unique business needs. This is especially valuable for industries undergoing technology or business model transformation.

The acquisition is expected to close before the end of the third quarter 2014, subject to customary closing conditions.