u-blox announces agreement to acquire Neonseven
Thalwil, Switzerland – February 25, 2009 - u‑blox Holding AG today announced that u‑blox AG has entered into an agreement, subject to the fulfillment of customary closing condition, to acquire Neonseven SpA, headquartered in Sgonico near Trieste, Italy, for up to Euro 9.3 million, fully paid in cash. Neonseven is a design house for wireless telecommunications devices for consumer, automotive and industrial OEMs.
Neonseven has extensive experience in providing wireless communications solutions and offers services in the area of component evaluation, platform and feature development, testing services, product support and product maintenance. Since its foundation in 2003, Neonseven cooperates closely with Infineon in the design and development of products, platforms and in the testing of components.
With the acquisition, u‑blox intends to expand its product offering with GSM/GPRS cellular modem applications, adding a comprehensive portfolio of wireless communications solutions for its customers. Such modems function as the core element in fleet management, asset tracking and automotive safety applications – markets where u‑blox is a leading supplier of GPS positioning solutions.
The acquisition of Neonseven brings a number of benefits to u‑blox: A highly motivated team with extended GSM know‑how will make u‑blox uniquely positioned to serve the global telematics market immediately with a broader product portfolio, offering more value to existing and new customers. The acquisition will further accelerate the implementation of u‑blox’ strategy of strengthening its position in the portable devices market, including mobile internet devices and notebooks.
Thomas Seiler, CEO of u‑blox, stated: “We believe the addition of Neonseven will assist us in further building our expertise and increasing our market position. The team and its product offerings fit well into our existing operations, as the company is very complementary to us. It is a natural extension of our focus to expand beyond GPS and into GSM technology. Together, we will be able to drive the development of new and compelling products.”
“We are very excited about becoming a part of a well‑established and innovative technology company with a global presence. Joining u‑blox will allow us to extend our market reach and realize the full potential of our product design offering and service capabilities, now and into the future," said Demir Rakanovic, CEO of Neonseven.