June 6, 2014

Telit Wireless Solutions to acquire Navman Wireless OEM Solutions

Acquisition of U.S.-Based GPS Module Maker Expands Market Opportunities for Telit’s Machine-to-Machine (M2M) Wireless Applications

Raleigh, NC – Dec. 21, 2011 – Telit Wireless Solutions (AIM: TCM), a global leader in machine-to-machine (M2M) wireless technology, 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, 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 Dec. 31, 2011. The transaction will be completed on Jan. 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.

"The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional M2M industry," Cats said. "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."

"In addition, the acquisition strengthens our position as the premier product and consultative partner in the M2M industry by leveraging the synergies of both companies to better serve our global customers," Cats said.

George Arnott, VP, global OEM solutions, Navman Wireless OEM Solutions, who will be managing the business unit under Telit’s ownership, said: "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."

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.

"GPS-enabled location awareness and M2M industries are experiencing substantial growth, and we’re happy to see the combination of two leading companies in these fields to strengthen their participation in this space," said Kanwar Chadha, CMO of CSR plc, and founder of SiRF. (LSE: CSR and NASDAQ: CSRE), a global provider of wireless chipsets and a supplier of SiRF-branded GPS chipsets to Navman. "The acquisition will lead to increased collaboration between CSR and Navman in creating location-based solutions that also leverage Telit’s M2M expertise to address the needs of this exciting market."

Part of the current technology revolution known as "The Internet of Things," 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. M2M delivers significant power and cost savings while increasing efficiency and reliability through cellular or other wireless platforms.

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