12/5/2011 4:00:00 PM
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Remote monitoring company Telular Corp. on Monday announced it will acquire SkyBitz, a provider of technology used to track and manage truck trailers, intermodal containers and other assets.
Terms of the transaction include a purchase price of $42 million, consisting of $35 million in cash and $7 million in stock, Telular said. The acquisition is expected to close in 60 to 90 days.
Telular said the acquisition expands its position in the machine-to-machine space as a result of SkyBitzâ€™s additional customer base and proprietary technology platform.
â€œWe believe that this acquisition will help us accelerate our growth and profitability in the wireless space while maintaining a strong financial position and staunchly supporting a tangible return to our shareholders in the form of a quarterly dividend,â€� Telular CEO Joseph Beatty said in a statement.
SkyBitzâ€™s global remote asset management technology provides users with real-time information on the location and status of assets.
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