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Telit buys GPS module maker Navman Wireless

Posted: 29 Dec 2011     Print Version  Bookmark and Share

Keywords:Wireless  GPS  acquisition 

Provider of Wireless machine-to-machine (M2M) technology, Telit Wireless Solutions has signed an agreement to acquire Navman Wireless OEM Solutions for Rs.15.31 crore ($3 million). US-headquartered Navman Wireless is a manufacturer of global positioning system (GPS) modules and solutions.

The latest Telit acquisition comes on the heels of its March 2011 acquisition of Motorola Solutions' M2M business, followed by Globalconect, which was an M2M services and connectivity business company.

According to Telit CEO Oozi Cats, "The acquisition of Navman's technology and its US- 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 company expects to generate Rs.36.22 crore ($7.1 million ) revenue in the year to Dec. 31, 2011. Telit has its offices in 17 countries, including India.

George Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions, will be managing the business unit under Telit's ownership.

According to the "World GPS Market Forecast to 2013" from RNCOS, shipments of GPS devices will grow at a CAGR of more than 20 per cent this year through 2013 to reach 90 crore units sold generating more than Rs.3.57 lakh crore ($70 billion) in annual revenue.

The transaction will be completed on Jan. 3, 2012.

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