Telit Wireless solutions to acquire Navman Wireless OEM Solutions for $3 million

Telit Wireless Solutions, a global provider of
machine-to-machine (M2M) wireless technology, is planning to purchase Navman
Wireless OEM Solutions, a designer and manufacturer of Global Positioning
System (GPS) modules and solutions, for $3 million in cash.

Navman is expected to generate approximately $7.1 million
of revenue and $0.2M of EBITDA in the year to Dec. 31, 2011.

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, an M2M services and connectivity business.

The acquisition of Navman’s technology and its U.S.-
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

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,” said Telit
CEO Oozi Cats.

In addition, the acquisition strengthens Telit’s position
as the premier product and consultative partner in the M2M industry by
leveraging the synergies of both companies to better serve its global

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

Recently RNCOS announced that 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.

By Team
[email protected]