UK-based M2M manufacturer Telit Communications has acquired US GPS module maker Navman Wireless OEM Solutions for US$3m in cash.
The acquisition of Navman, which sells into fleet and asset tracking and navigation applications, increases Telit’s US…
UK-based M2M manufacturer Telit Communications has acquired US GPS module maker Navman Wireless OEM Solutions for US$3m in cash.
The acquisition of Navman, which sells into fleet and asset tracking and navigation applications, increases Telit’s US customer base and product portfolio.
Northland Capital Partners analyst David Johnson described it as a “small complementary acquisition that forms part of Telit’s strategy of expanding its offering to customers. Telit already had presence in the GPS space with GPS variants of a number of its product families as well as customers with a GPS requirement.”
The firm maintained a BUY rating on Telit, which it described as the global number three in the M2M space and is projected to post 2011 revenues of around US$185m and EBITDA of approximately US$17m. Analysts expect Navman to generate around US$17m in revenue and US$0.2m in EBITDA for 2011.
On Telit’s website, it lists Cannacord Genuity, KPMG Audit, Capita IRG and Olswang as its advisers.
Telit and Navman were unable to comment before the press deadline.
