VANCOUVER, British Columbia--(EON: Enhanced Online News)--Sierra Wireless (NASDAQ:SWIR) (TSX:SW):
“This acquisition broadens our global reach, enhances our technical capabilities, and expands our market share leadership. We are very pleased to welcome the AnyDATA customers and employees to Sierra Wireless.”
- Expands Sierra Wireless’s global market share leadership in machine-to-machine (M2M)
- Provides leading position in important Korean market, with established sales channels, long term customer relationships, and advanced 4G technology
- Purchase price of $3.9 million US in cash, plus approximately $2 million in related inventory
(All figures stated in US dollars unless otherwise specified) – Sierra Wireless (NASDAQ:SWIR) (TSX:SW) today announced it has entered into an agreement with AnyDATA Corporation and its subsidiaries to acquire substantially all of the assets of AnyDATA’s machine-to-machine (M2M) embedded module and M2M modem business for $3.9 million in cash, plus approximately $2 million for related inventory. The transaction is expected to close in October.
One of the early players in M2M, AnyDATA has been producing embedded wireless modules since 2001. Upon completion of the acquisition, AnyDATA’s M2M embedded module and modem portfolio will become part of the Sierra Wireless OEM Solutions product line, and a team of 16 sales and engineering staff from AnyDATA’s Korea subsidiary will join Sierra Wireless. AnyDATA’s M2M embedded module and modem products generated approximately $10 million in revenue during the last 12 months and the business is modestly profitable.
“With significant market share in Korea, established sales channels, and a proven engineering team working on the latest air interfaces, we believe that the AnyDATA M2M business represents an important addition to Sierra Wireless,” said Jason Cohenour, President and CEO of Sierra Wireless. “This acquisition broadens our global reach, enhances our technical capabilities, and expands our market share leadership. We are very pleased to welcome the AnyDATA customers and employees to Sierra Wireless.”
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.
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.