Wireless and location module vendor Telit has announced today an agreement to acquire Automotive Telematics Onboard unit Platform (ATOP) business from NXP.
The transaction price is $9 million to be settled by approximately $2 million in cash and up to 3,300,000 Telit shares. The transaction is expected to be closed during the first quarter of 2014.
"The ATOP acquisition provides Telit with additional expertise in automotive platforms which are becoming increasingly dependent on advanced software engineering, as well as a significant customer base which has already designed systems with ATOP,“ said Oozi Cats, Chief Executive of Telit.
“The multi-service capable ATOP platform provides support for a range of features from its single package, including vehicle location & tracking, remote starting and diagnostics as well as business applications such as fleet management. The acquisition also delivers our teams a high level of competence in system security, necessary for protecting not only vehicle but also the increasingly important elements of driver privacy under such applications," he added.