Telit
Wireless Solutions (AIM: TCM), a global leader in machine-to-machine
(M2M) wireless technology, has entered into a
binding agreement to purchase Navman
Wireless OEM Solutions, a leading designer and manufacturer of world-class
Global Positioning System (GPS) modules and solutions, for $3 million in cash.
This
latest Telit acquisition comes on the heels of its March 2011 acquisition of Motorola
Solutions' M2M business and its July 2011 acquisition of Globalconect, an
M2M services and connectivity business. Navman is expected to generate approximately $7.1 million of revenue
and $0.2M of EBITDA in the year to Dec. 31, 2011. The transaction will be completed on Jan. 3, 2012.
According to Telit CEO Oozi Cats, the acquisition of Navman’s technology and its U.S.- based executive engineering and sales staff will make Telit a major contender in the GPS market while providing an enhanced product portfolio for its M2M customers.
“The
Navman acquisition provides Telit access to new GPS customers and products
beyond the traditional M2M industry,” Cats said. “Navman’s
reputation for delivering state-of-the-art GPS technology and the global reach
of Telit’s sales and marketing organization put us in a strong position
of growth in the GPS sector.”
“In
addition, the acquisition strengthens our position as the premier product and
consultative partner in the M2M industry by leveraging the synergies of both
companies to better serve our global customers,” Cats said.
George
Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions, who will be
managing the business unit under Telit’s ownership, said: “We are
excited about the prospect of working with the Telit team to continue bringing
our quality GPS module solutions to the market. With our pioneering GPS
engineering background, we are also excited about the possibility of creating
new hybrid GPS and wireless M2M innovations for Telit customers.”
According to the “World GPS Market Forecast to 2013” from RNCOS, shipments of GPS devices will grow at a compounded annual growth rate (CAGR) of more than 20 percent this year through 2013 to reach 900 million units sold generating more than $70 billion in annual revenue.
Part
of the current technology revolution known as “The Internet of
Things,” M2M is a fast-growing $50 billion business transforming society
through innovative connectivity in industries as diverse as healthcare, energy,
transportation, security and consumer electronics. M2M delivers significant
power and cost savings while increasing efficiency and reliability through
cellular or other wireless platforms.
About Telit
Telit Wireless Solutions, a subsidiary of
Telit Communications PLC (AIM: TCM), is an internationally leading specialist
in wireless machine-to-machine (M2M) technology. Telit is the only company
worldwide to offer communications modules for all of the various wireless
technologies: it develops, produces and markets modules for GSM/GPRS, EDGE,
UMTS/WEDGE/HSDPA, CDMA and Short-Range RF applications. M2M applications
rationalize business processes by enabling machines, equipment and vehicles to
communicate with each other via mobile networks.
Telit products are used all over the world
and marketed via Telit’s offices in Brazil, China, Denmark, France,
Germany, India, Israel, Italy, Korea, Poland, Spain, the Republic of South
Africa, Russia, Taiwan, Turkey, the UK and the USA. Telit’s global
distributor network comprises specialists in wireless technologies and enhances
the customer experience in over 56 countries worldwide. Further information
about Telit and its products can be found at www.telit.com.
In Telit’s open Technical Support
Forum clients receive assistance with their questions from the Telit Technical
Support Team at any time. Furthermore, the open forum acts as an invaluable
technical knowledge database for the entire M2M community. http://www.telit.com/en/
About Navman
Wireless OEM Solutions
Headquartered in
Foothill Ranch, CA, Navman Wireless OEM Solutions, a wholly owned subsidiary of
Navman Wireless Holdings, is a leading designer and manufacturer of innovative
GPS solutions for various OEM applications, from personal and asset tracking
solutions to automotive solutions. Navman Wireless has more than 20 years
of experience serving the GPS markets and has sold millions of high-performance
Jupiter® GPS modules worldwide. http://www.navmanwirelessoem.
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Sourced From: Mutual PR
