Global leader in M2M wireless technology, Telit Wireless Solutions has entered into a binding agreement to purchase Navman Wireless OEM Solutions, a leading designer and manufacturer of world-class Global Positioning System (GPS) modules and solutions.
The latest Telit acquisition follows its March 2011 acquisition of Motorola Solutions' M2M business and the July 2011 acquisition of Globalconect, an M2M services and connectivity business.
According to Telit CEO Oozi Cats, 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.
Cats explains that the Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry with Navman's reputation for delivering state-of-the-art GPS technology and the global reach of Telit's sales and marketing network placing the company in a strong position of growth in the GPS sector.
George Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions, who will be managing the business unit under Telit's ownership says that his team looks forward to the possibilities of creating new hybrid GPS and wireless M2M innovations for Telit customers.
According to the ‘World GPS Market Forecast to 2013’ from RNCOS, shipments of GPS devices will grow at a CAGR of more than 20% this year through 2013 to reach 900 million units generating more than $70 billion in annual revenue.
Kanwar Chadha, CMO of CSR plc, and founder of SiRF, a global provider of wireless chipsets and a supplier of SiRF-branded GPS chipsets to Navman says that the acquisition will lead to increased collaboration between CSR and Navman in creating location-based solutions that also leverage Telit's M2M expertise.
M2M is a fast-growing $50 billion business transforming society through innovative connectivity in industries as diverse as healthcare, energy, transportation, security and consumer electronics, delivering significant power and cost savings while increasing efficiency and reliability through cellular or other wireless platforms.
Telit Wireless Solutions is represented in Australia by Glyn High-Tech Distribution .