u-blox, a supplier of supplier of GPS positioning services, has signed an agreement, subject to the fulfillment of customary closing condition, to acquire Neonseven, an Italy-based designer of wireless telecommunication devices, for up to E9.3 million, fully paid in cash.
With the acquisition, u-blox intends to expand its product offering with GSM/GPRS cellular modem applications, adding a comprehensive portfolio of wireless communications services for its customers.
Thomas Seiler, CEO of u-blox, stated: We believe the addition of Neonseven will assist us in further building our expertise and increasing our market position. The team and its product offerings fit well into our existing operations, as the company is very complementary to us. It is a natural extension of our focus to expand beyond GPS and into GSM technology. Together, we will be able to drive the development of new and compelling products.
Demir Rakanovic, CEO of Neonseven, said: We are very excited about becoming a part of a well-established and innovative technology company with a global presence. Joining u-blox will allow us to extend our market reach and realize the full potential of our product design offering and service capabilities, now and into the future.
