TMCnet News
Telular acquires SkyBitz(Fleet Owner Via Acquire Media NewsEdge) Wireless technology firm Telular Corp. has announced it will acquire SkyBitz for $42 million in cash and stock. The combined companies will create the largest “pure player” asset tracking and management company in the world, according to a statement. SkyBitz's Global Locating System satellite-based technology provides real-time visibility of many different asset types while reducing operating costs and increasing efficiency. It also aides regulatory compliance requirements for customers across an increasingly complex set of supply chains and business ecosystems, according to the company. Dr. Homaira Akbari, president & CEO of SkyBitz, will remain with the combined company as president of SkyBitz. In addition, the SkyBitz management team is expected to stay in its entirety to help grow the asset tracking business as well as to continue developing related add-on services in the areas of cargo security, cargo status monitoring, preventive maintenance, and other applications that Akbari said will be soon announced. “I am very excited about the acquisition of SkyBitz as it gives us the leading position in an adjacent M2M vertical market, provides immediate incremental cash flow, and builds upon our stream of high-margin, recurring service revenues,” said Joseph Beatty, president & CEO of Telular Corp. “SkyBitz's management approach and growth objectives fit very well with Telular's strategy and include growing its installed base of units, enhancing its international presence, and entering new vertical markets related to asset tracking.” Transaction terms include a purchase price of $42 million, which is comprised of $35 million in cash and $7 million in newly issued shares of common stock. www.telular.com © 2012 Penton Media |