[December 28, 2011] Telit Wireless Solutions to Acquire Navman Wireless OEM Solutions Tweet Dec 28, 2011 (Close-Up Media via COMTEX) -- Telit Wireless Solutions, a developer of machine-to-machine (M2M) wireless technology, has entered into a binding agreement to purchase Navman Wireless OEM Solutions, a designer and manufacturer of Global Positioning System (GPS) modules and solutions, for $3 million in cash. 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. Navman is expected to generate approximately $7.1 million of revenue and $0.2M of EBITDA in the year to December 31. The transaction will be completed on January 3, 2012. According to Telit CEO Oozi Cats, 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 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. Telit Wireless Solutions, a subsidiary of Telit Communications, is an international specialist in wireless machine-to-machine technology. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]