Telit Communications acquires GlobalConect for $2.9 million

Telit Communications (Trieste, Italy), a vendor of M2M technology, on Thursday announced that it has completed the acquisition of GlobalConect Ltd, a provider of cellular connectivity for M2M applications, for $2.9 million.

According to Telit, the acquisition will allow it to offer its customers wireless connectivity for its M2M produces. Dan Amir, CEO and founder of GlobalConect, is joining Telit to lead the Company's connectivity activities.

The $2.9 million acquisition included approximately $0.7 million in cash and 800,000 newly issued ordinary shares with an assumed value of GBP1.70 per share.

In the event that within 3 years from the completion of the acquisition, conditions related to the performance of GlobalConect are met and the Company’s share price does not reach at least 170p, Telit will issue the current shareholders of GlobalConect additional shares, up to a maximum of 360,000, according to Telit.

This is the second major acquisition by Telit this year, having acquired Motorola M2M from Motorola in March. Telit acquired Motorola M2M for $23 million.

Earlier this month Beecham Research, a research firm, released a study that said that Telit’s market share of the “modules” market over 2010 rose from 12.4% in 2009 to 16.1% in 2010, indicating that its market share was on the way up.

ArticleTools

Related Tags

Featured Reports

Understanding and Capitalizing Upon Telecom APIs for Communications Enabled Applications
Big Data and Analytics software and applications will play a crucial role in making IoT a success. The data generated through sensors embedded in various things/objects will generate massive amounts of unstructured (big) data on real-time basis that holds the promise for intelligence and insights for dramatically improved decision processes.

Content Delivery Networks (CDN) 2015
Content Delivery Networks (CDN) represent large distributed system of servers deployed in multiple data centers across the Internet. CDNs provide solutions for efficiently and effectively managing content of all types. Solutions include core services such as aggregation, management, and distribution of content as well as a variety of value-added functionality.

Technologies Impacting and Impacted by Operational Support Systems (OSS)
There are significant changes underway in the CSP industry that are causing fundamental re-evaluations of business models, technology stacks and service offerings. This research assesses a range of relatively nascent technologies that have the potential to change the dynamic of OSS, whether via the networks they manage, or as building blocks on which to build better OSS tools.

Market Opportunity: Big Data in the Internet of Things
Big Data and Analytics software and applications will play a crucial role in making IoT a success. The data generated through sensors embedded in various things/objects will generate massive amounts of unstructured (big) data on real-time basis that holds the promise for intelligence and insights for dramatically improved decision processes.

Concise, Practical Market Reports on Big Data, IoT, CDN & More!
Access the exclusive new series of market research reports brought to you through the partnership of Mind Commerce research and TelecomEngine.com.
Browse the latest titles

 

 

Featured Events & Partners

GEN 15
Nov. 16-19, 2015

Omni Hotel, Dallas, Texas

The global gathering of networking professionals enabling the future of agile, assured and orchestrated services powered by CE 2.0, LSO (Lifecycle Service Orchestration), SDN and NFV.

Visit event website...
 

 

Business Wire