Telit Communications Aquires Navman Wireless OEM SolutionsDecember,  2011AboutCorporationAbout Telit Communications Plc.

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Friday, January 27, 2012

December,  2011 –  Telit  Communications  Plc,  a  global  leader  in  machine-to- machine (M2M) wireless technology, has entered into a binding agreement to purchase Navman Wireless  OEM Solutions, LP, a leading designer and manufacturer of world- class Global Positioning System (GPS) modules and solutions, for $3 million in cash. The acquisition of Navman’s technology and its U.S. based executive engineering and sales staff will makeTelita major contender in the  GPS  market while providing an enhanced product portfolio for its M2M customers. Navman is  expected to generate approximately $7.1 million of revenue and $0.2m of EBITDA in the year to 31 December 2011.

The acquisition of Navman, which follows the two previous acquisitions earlier this year - the  acquisition  of  Motorola  Solutions’  m2m  business  unit  and  the  acquisition  of Globalconect Ltd, the connectivity services provider - is expected to complete on 3 January 2012.

Oozi Cats, Chief Executive of Telit, said “the Navman acquisition provides Telit with 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 to benefit from the 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”.

George Arnott,  VP  of  Navman’s  global  OEM  solutions,  who  will  be  managing  the business  unit under  Telit’s  ownership,  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.”

According to the “World GPS Market Forecast to 2013” from RNCOS, shipments of GPS devices will grow at a compounded annual growth rate (CAGR) of more than 20 percent this year through 2013 to reach 900 million units sold generating more than $70 billion in annual revenue. 

Part of the current technology revolution known as “The Internet of Things,” M2M is a fast-growing $50 billion business transforming society through innovative connectivity in industries  as  diverse  as  healthcare,  energy,  transportation,  security  and consumer electronics.  M2M delivers significant power and cost savings while increasing efficiency and reliability through cellular or other wireless platforms.

AboutSymmetry ElectronicsCorporation

Founded in 1998, Symmetry Electronics is a global supplier-authorized electronics distributor, providing value-added distribution of technology products, solutions and services to industrial and commercial markets.  Symmetry Electronics is ISO 9001:2008 certified and offers electronic components, modules and solutions for a variety of customers across the globe through their sales offices or from their award-winning eCommerce siteSemiconductorStore.com.

About Telit Communications Plc.

Telit is a global leader in the development and manufacture of wireless machine-to-machine ("m2m") communication modules for a variety of applications. Through its 20 sales offices and more than 50 distribution  channels,  Telit  covers  more  than  60 countries  supporting  about 1,000  customers  with products in manufacture and about 2,000 customers which are in product design discussions or process.  Telit is the third largest supplier of m2m modules in the world with a market share of approximately 22% and one of the few companies in the industry with full control over the underlying  technologies in its products. It boasts strong in-house technology and research and development expertise.

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News Source : Telit Communications Aquires Navman Wireless OEM SolutionsDecember,  2011AboutCorporationAbout Telit Communications Plc.