The deal was valued at US$ 3 million.
Navman Wireless has announced the sale of its OEM Solutions subsidiary, a leading designer and manufacturer of Global Positioning System (GPS) modules, to machine-to-machine (M2M) wireless technology provider Telit Communications. The OEM Solutions business, with twelve employees, is located in Foothills Ranch, CA and focuses purely on the sale of GPS modules. The transaction enables Navman Wireless to concentrate on its rapidly growing fleet tracking and asset management business, which currently represents over 90 percent of company revenues.
Navman Wireless’ OnlineAVL2 fleet tracking and asset management platform helps fleet managers around the world monitor vehicle and asset location in real time as well as reduce fuel, labor and vehicle operating costs. System maps and reports, delivered under the Software-as-a-Service model, assist in fleet management by pinpointing problems such as idling, inaccurate timesheets, unauthorized stops and personal vehicle usage as well as improving dispatch efficiencies and optimizing maintenance schedules. Integrated mobile dispatch and navigation terminals streamline communications between dispatchers and drivers.
“While our OEM Solutions business has contributed to the success of Navman Wireless over the last few years, this transaction allows us to more fully dedicate our time and resources to our global market leading asset and fleet management business,” said TJ Chung, President and CEO of Navman Wireless. “We have tripled our installed base in just a few years, expanded into new markets and verticals, and seen increasing demand as companies continue to search for ways to optimize fleet performance and simultaneously reduce costs. There are substantial growth opportunities in this market, and now we can fully focus both our sales and our technology efforts on taking advantage of them.”
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