Telit Acquiring Navman

Wireless m2m technology company Telit Wireless Solutions has entered into an agreement to purchase Navman Wireless OEM Solutions, designer and manufacturer of GPS, for $3m (£1.9m) in cash.

“The Navman acquisition provides Telit access to new GPS customers and products beyond the traditional m2m industry,” says Telit CEO Oozi Cats. “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.”