The sale is subject to customary closing conditions and regulatory approval.
The acquisition would give Telit pro forma consolidated revenues of approximately $180 million as of year-end 2010 (December 31).
This would be equivalent to an approximate pro forma market share of 20% based on current market analysis by Beecham Research.
Oozi Cats, CEO of Telit, commented, "This acquisition is a strategic milestone for our company. It will allow us to expand in the growing M2M market. We are confident that the combination will generate cost synergies and new cross-selling opportunities, as well as boost customer account development. Furthermore, our company and our customers will benefit from enhanced research and development capabilities, an expanded M2M product offering from Telit, and improved M2M modules through Telit's commitment to long-term product development and support."
In recent years, Telit has successfully acquired and integrated companies with complementary offerings in various territories.
Along with strong organic growth, this policy has resulted in sustainable growth and year-over-year revenue increases. Telit expects the acquisition to deliver a revenue boost in the first full year following the acquisition.
Motorola Solutions will continue to focus all its resources on its core strengths and unique advantages: mission-critical communications solutions for government agencies, public safety, and enterprise customers.
