Telit Comms taps into GPS market with US acquisition
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.
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.
Telit hopes to take advantage of the potential within the GPS market in the coming years, with global shipments of GPS devices expected to grow at a compounded annual growth rate of at least 20% until 2013. According to RNCOS, shipments will reach 900m units by 2013, generating more than $70bn in annual revenue.
Subscribe to 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.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Rightmove: Asking prices up again in March as buyers undeterred by looming stamp duty hikes
Average asking prices are up by 1.1% month-on-month and have sustained a 1% growth year-on-year
By Daniel Hilton Published
-
8 of the best properties for sale for around £2 million
The best properties for sale for around £2 million – from a former coach house in Richmond, London, to a substantial Georgian property with a gazebo by a lake in Banbury, Oxfordshire
By Natasha Langan Published