Trimble Acquires ThingMagic RFID Technology
SUNNYVALE, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Trimble (Nasdaq: TRMB) announced today it has acquired the business of ThingMagic, Inc. of Cambridge, Massachusetts. ThingMagic is a leading developer of radio frequency identification (RFID) technology and offers advanced development services to facilitate the integration of RFID into a wide range of applications. The acquisition expands Trimble's technology portfolio and will enable the company to provide additional productivity solutions in its served industries. Financial terms were not disclosed.
RFID technology is part of automated data collection, identification and location systems worldwide, addressing critical productivity needs across many industries. A pioneer in the UHF RFID market, ThingMagic will continue to offer high-performance fixed and embedded RFID readers and services to customers in a wide range of industry verticals from construction to transportation.
"Adding ThingMagic's RFID technology and system integration expertise will allow Trimble to build more comprehensive and capable solutions for its existing markets and potentially provide entry into new markets," said Jurgen Kliem, vice president of Trimble's strategy and business development. "Similar to the widespread integration of GPS into today's positioning solutions, we believe RFID can transform markets and is a natural complement to our existing technology portfolio."
"We excel in deploying high-performance RFID technology into high-value solutions for customers," said Tom Grant, chairman and CEO of ThingMagic. "Our RFID excellence combined with Trimble's global reach and domain expertise is a strong platform that can enable the next generation of RFID applications."
The operating results of the acquired business will be reported within Trimble's Advanced Devices segment.
ThingMagic is a leading provider of UHF RFID reader engines, development platforms and design services for a wide range of applications. ThingMagic has developed products for demanding high-volume applications with a reputation for consistently exceeding client expectations with its consulting and design services to create solutions for challenging applications. ThingMagic's customers include some of the world's largest industrial automation firms, manufacturers, automotive companies, retailers, and consumer companies. Headquartered in Cambridge, Massachusetts, the company was founded in 2000 by a group of visionary PhD graduates from Massachusetts Institute of Technology's Media Lab. ThingMagic is "The Engine in RFID™"
For more information, visit: www.thingmagic.com.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
For more information, visit Trimble's Web site at: www.trimble.com.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual events and results may differ materially from those described in this news release. Factors that could cause or contribute to such differences include, but are not limited to, Trimble's ability to build more comprehensive and capable solutions and enter new markets through of ThingMagic's RFID technology. Additional risks and uncertainties include: the risks inherent in integrating an acquisition; unanticipated expenditures, charges or assumed liabilities that may result from the acquisition; and retaining key personnel and commercial relationships. More information about potential factors which could affect Trimble's business and financial results is set forth in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. All forward looking statements are based on information available to Trimble as of the date hereof, and Trimble assumes no obligation to update such statements.