Navman Wireless Sells OEM GPS Module Business to Telit Communications Core Fleet Tracking Business Now Becomes Exclusive Focus
GLENVIEW, Ill., Dec. 22, 2011 /PRNewswire/ -- Navman Wireless today announced the sale of its OEM Solutions subsidiary, a leading designer and manufacturer of Global Positioning System (GPS) modules, to machine-to-machine (M2M) wireless technology provider Telit Communications Plc. The OEM Solutions business, with twelve employees, is located in Foothills Ranch, CA, and focuses purely on the sale of GPS modules. The transaction enables Navman Wireless to concentrate on its rapidly growing fleet tracking and asset management business, which currently represents over 90% of company revenues.
Navman Wireless' OnlineAVL2 fleet tracking and asset management platform helps fleet managers around the world monitor vehicle and asset location in real time as well as reduce fuel, labor and vehicle operating costs. System maps and reports, delivered under the Software-as-a-Service model, assist in fleet management by pinpointing problems such as idling, inaccurate timesheets, unauthorized stops and personal vehicle usage as well as improving dispatch efficiencies and optimizing maintenance schedules. Integrated mobile dispatch and navigation terminals streamline communications between dispatchers and drivers.
The OnlineAVL2 suite has one of the largest global footprints in the industry and has earned numerous honors for the company, including a 2011 Chicago Innovation Award (www.chicagoinnovationawards.com) and ranking on the Forbes America's Most Promising Companies list (www.forbes.com/ampc) in the last two months alone.
"While our OEM Solutions business has contributed to the success of Navman Wireless over the last few years, this transaction allows us to more fully dedicate our time and resources to our global market leading asset and fleet management business," said TJ Chung, President and CEO of Navman Wireless. "We have tripled our installed base in just a few years, expanded into new markets and verticals, and seen increasing demand as companies continue to search for ways to optimize fleet performance and simultaneously reduce costs. There are substantial growth opportunities in this market, and now we can fully focus both our sales and our technology efforts on taking advantage of them."
About Navman Wireless
Navman Wireless is a global leader in GPS-based fleet optimization products and services, including real-time vehicle tracking and analytics delivered under the Software-as-a-Service (SaaS) model that enable companies to track, monitor and communicate with their movable and fixed equipment assets. The company's technology currently monitors more than 145,000 vehicles owned by over 14,000 organizations worldwide, making Navman Wireless one of the world's largest fleet management providers with coverage on five continents. Navman Wireless is based in Glenview, IL, with facilities in the U.S., Mexico, UK, Italy, Taiwan, Ireland, Singapore, China, New Zealand and Australia. For more information, visit www.navmanwireless.com.
SOURCE Navman Wireless