Telit Wireless Solutions To Acquire Navman Wireless OEM Solutions
Acquisition of U.S.-Based GPS Module Maker Expands Market Opportunities for Telit's Machine-to-Machine (M2M) Wireless Applications.
- Raleigh-Durham-Chapel Hill, NC (1888PressRelease) December 22, 2011 - 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.
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/services/technical-forum.php
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 JupiterŪ GPS modules worldwide. www.navmanwirelessoem.com
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