LONDON (Alliance News) - Machine-to-machine communications company Telit Communications PLC on Wednesday said it has agreed to acquire the Bluetooth Low Energy assets of Stollmann Entwicklungs und Vertriebs Gmbh, a German low-power hardware products developer.
The assets acquired include the company's near-field communication and other wireless communications intellectual property. It will involve the transfer of 35 research and development engineers to Telit.
The acquisition has been made in cash for an undisclosed, "non-material" sum, and Telit said the deal will boost its short-range, low-power Bluetooth product offering and its growing Internet of Things-focused business.
"IoT devices are increasingly being integrated into every aspect of the consumer's life, in application areas from health and wellness to retail and smart homes. The acquisition of these assets is a key development in the execution of our IoT vision of connecting enterprise edge assets - sensors and other remote devices - to the cloud using our tools such as our IoT portal," said Telit Chief Executive Oozi Cats.
Shares in Telit were up 1.5% to 208.75 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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