Telit Wireless Solutions to acquire Navman Wireless OEM Solutions
Telit Wireless Solutions has entered into an agreement to purchase Navman Wireless OEM 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. Navman is expected to generate approximately $7.1 million of revenue and $0.2M of EBITDA in the year to December 31, 2011. The transaction will be completed on January 3, 2012.
"The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry. 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," said Oozi Cats, CEO, Telit.
George Arnott, Vice-President, Global OEM Solutions, Navman Wireless OEM Solutions, 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."
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