Machine-to-machine (M2M) wireless tech firm Telit Communications is to buy GPS modules and solutions group Navman Wireless OEM Solutions for $3m in cash.
"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," Telit said.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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," said Telit's Chief Executive Oozi Cats.
-
Families suffer £20,000 lost income growth – are you feeling the pinch?Average incomes for working age families have increased by just 7% in the past two decades, research suggests
-
How to achieve a secure retirement, as more retirees admit to struggling with debtTwenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
