Telit Wireless Solutions to acquire Navman Wireless OEM Solutions
VARINDIA- INDIA'S FRONTLINE IT MAGAZINE 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...