Sierra Wireless Completes Acquisition of In Motion Technology
05 March 2014 - 1:00AM
Business Wire
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) today announced that it
has completed the acquisition of Vancouver-based In Motion
Technology (“In Motion”) for $21 million US dollars in cash
consideration, subject to certain post-closing adjustments.
In Motion is a leader in mobile enterprise solutions, providing
rugged in-vehicle mobile routers tightly integrated with an
advanced mobile-optimized security system and a powerful management
and application platform. The complete solution enables
organizations to connect and manage mobile operations, vehicles,
and workforces more efficiently, reliably and securely.
Sierra Wireless and In Motion will together provide the broadest
choice of device-to-cloud solutions for enterprise customers, from
simple gateways to full featured mobile routers, as well as a
comprehensive suite of cloud services and applications. The
combined company will hold a strong leadership position and unique
capabilities in important growth segments, including public safety,
transit, and commercial fleet.
During 2013, In Motion generated $15 million US dollars in
revenue and gross margin was 50 percent of revenue.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the global leader in
machine-to-machine (M2M) devices and cloud services, delivering
intelligent wireless solutions that simplify the connected world.
We offer the industry’s most comprehensive portfolio of 2G, 3G and
4G embedded modules and gateways, seamlessly integrated with our
secure M2M cloud services. Customers worldwide, including OEMs,
enterprises, and mobile network operators, trust our innovative
solutions to get their connected products and services to market
faster. Sierra Wireless has more than 850 employees globally and
has R&D centers in North America, Europe and Asia. For more
information, visit www.sierrawireless.com.
About In Motion Technology
In Motion Technology is the leader in mobile enterprise networks
that provide customers with fleets in mission critical environments
with a secure, managed end-to-end communications system. The
company’s solution includes a powerful management platform, an
application suite designed to improve situational awareness,
industry leading mobile-optimized security and a rugged in-vehicle
mobile router. In Motion’s solutions are used by hundreds of public
safety, transit and utility fleets across the United States and
Canada.
Product or service names mentioned herein may be the trademarks
of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, plans and timing for the
introduction or enhancement of our services and products,
statements about future market conditions, supply conditions,
channel and end customer demand conditions, revenues, gross
margins, operating expenses, profits, and other expectations,
intentions, and plans contained in this press release that are not
historical fact. Our expectations regarding future revenues and
earnings depend in part upon our ability to successfully develop,
manufacture, and supply products that we do not produce today and
that meet defined specifications. When used in this press release,
the words "plan", "expect", "believe", and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in the wireless data communications market.
In light of the many risks and uncertainties surrounding the
wireless data communications market, you should understand that we
cannot assure you that the forward-looking statements contained in
this press release will be realized.
Sierra WirelessMedia Contact:Sharlene Myers, +1
604-232-1445smyers@sierrawireless.comorInvestor Contact:Dave
McLennan, +1 604-231-1181investor@sierrawireless.com
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