LONDON (Alliance News) - Internet of things technology firm Telit Communications PLC on Tuesday said it has agreed to acquire GainSpan Corp for USD8.0 million in cash.
GainSpan makes ultra-low power Wi-Fi systems-on-chip and modules for battery and line-powered devices, Telit said. It also owns intellectual property in network stacks, system and application software which it has developed.
Telit said the deal will boost its portfolio of internet of things-based products and services.
"By adding ultra-low power Wi-Fi technology to our existing product portfolio, we will expand into new markets and segments, and bring further benefits to our existing customers. This acquisition significantly expands our Wi-Fi competence and expertise and further strengthens and differentiates Telit as a top enabler of end-to-end IoT solutions," said Telit Chief Executive Oozi Cats.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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