Mergers and Acquistions News
Categories: Hardware
December 21st 2011, 13:31PM
Telit Communications has announced an M&A deal with Navman Wireless OEM Solutions for $3 million (£1.9 million) in cash.
Already a leading company in machine-to-machine (M2M) wireless technology, London-based Telit plans to take a bigger share of the GPS market, as Navman is a designer and manufacturer of GPS modules and solutions.
Telit will also acquire the executive engineering and sales staff working at Navman in the US.
"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 to benefit from the growth in the GPS sector," explained Oozi Cats, chief executive of Telit.
"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."
It comes after Telit acquired Motorola's M2M business unit and connectivity services provider Globalconect Ltd earlier this year.
Navman is expected to generate around $7.1 million in revenue by the end of the year.
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