u-blox Holding AG intends to go public
FOR RELEASE IN SWITZERLAND - THIS IS A RESTRICTED COMMUNICATION AND YOU MUST NOT FORWARD IT OR ITS CONTENTS TO ANY PERSON PROHIBITED BY THE LEGENDS CONTAINED HEREIN. NOT FOR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. Press Re
Thalwil, Switzerland – October 4, 2007 – u‑blox Holding AG, a leading Swiss technology provider in the rapidly developing global GPS market, plans an initial public offering (IPO) on the SWX Swiss Exchange. The IPO will include an offering of newly issued registered shares as well as existing shares. u‑blox intends to use the proceeds from the newly issued shares to implement its growth strategy, in particular the expansion of its market position.
u‑blox was founded in 1997 by a former research team from the world‑leading Swiss Federal Institute of Technology (ETH). It rapidly established itself as a leading innovator in the field of GPS technology, developing a range of market‑leading GPS receiver technology products. u‑blox has an almost unique position by developing and supplying both GPS modules and chipsets for products that are based on Global Navigation Satellite Systems (GNSS), including GPS and GALILEO.
The u‑blox products are used in a wide range of commercial applications such as fleet management, car navigation and road‑tolling systems as well as in portable and mobile consumer devices such as mobile phones, personal navigation devices, personal digital assistants, and GPS‑based peripheral devices. u‑blox markets and sells its products worldwide to OEM (original equipment manufacturers) and ODM (original design manufacturers) partners.
u‑blox’ revenues mainly stem from the sale of GPS chipsets, GPS modules and from royalties for chipsets that are manufactured and sold by third parties. In fiscal year 2006, u‑blox generated sales of CHF 54.4 million and a net profit of CHF 7.4 million. For the six months ended June 30, 2007 the company recorded sales of CHF 39.4 million, representing a growth rate of 69% compared to the same period last year.
«The planned IPO is an important step for us to leverage on our global position in GPS modules and GPS chipsets, at a time when these attractive markets are at an inflection point of showing exceedingly high growth rates in the years ahead», comments Thomas Seiler, CEO of u‑blox.
«We are very proud that we have developed our company into a major market player in our industry. The planned IPO will support our growth strategy and strengthen our position with existing and potential customers», added Jean‑Pierre Wyss, co‑founder and CFO of u‑blox.
u‑blox has appointed Credit Suisse as Sole Global Coordinator and Bookrunner, Zürcher Kantonalbank as
Co‑Manager and Helvea SA as Selling Agent for the upcoming IPO.
The company plans to give further information about the IPO later this month.