Telular to Acquire SkyBitz
Remote monitoring company Telular Corp. said Monday it will acquire SkyBitz, a provider of technology used to track and manage truck trailers, intermodal containers and other assets.
Terms of the transaction include a purchase price of $42 million, consisting of $35 million in cash and $7 million in stock, Telular said. The acquisition is expected to close in 60 to 90 days.
Telular said the acquisition expands its position in the machine-to-machine space as a result of SkyBitz’s additional customer base and proprietary technology platform.
“We believe that this acquisition will help us accelerate our growth and profitability in the wireless space while maintaining a strong financial position and staunchly supporting a tangible return to our shareholders in the form of a quarterly dividend,” Telular CEO Joseph Beatty said in a statement.
SkyBitz’s global remote asset management technology provides users with real-time information on the location and status of assets.
