Telit to acquire Navman Wireless for $3 mn

Telit Wireless Solutions 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.

The company prior to this acquired Motorola Solutions' M2M business and 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 Dec. 31, 2011. The transaction will be completed on Jan. 3, 2012, said the company.

''The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry. 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 of growth in the GPS sector,'' said Oozi Cats, CEO, Telit.

''We are excited about the prospect of working with the Telit team to continue bringing our quality GPS module solutions to the market. With our pioneering GPS engineering background, we are also excited about the possibility of creating new hybrid GPS and wireless M2M innovations for Telit customers,'' said George Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions.