Sierra Wireless Acquires MobiquiThings to Accelerate Growth of Managed Connectivity Services for the Internet of Things
June 23 2015 - 4:06PM
Business Wire
Sierra Wireless agrees to purchase
MobiquiThings, a leading mobile virtual network operator based in
France, to expand its wireless connectivity and value-added
services for European customers
Sierra Wireless (NASDAQ:SWIR) (TSX:SW) and MobiquiThings, a
leading mobile virtual network operator (“MVNO”) in Europe, today
announced that Sierra Wireless has entered into a definitive
agreement to acquire MobiquiThings. The transaction is expected to
close in August 2015.
“The purchase of MobiquiThings further accelerates our
device-to-cloud strategy and is highly complementary to our
acquisition of Wireless Maingate completed in January,” said Jason
Cohenour, President and CEO of Sierra Wireless. “MobiquiThings has
a highly advanced core network and technology platform, as well as
a rapidly expanding customer base. MobiquiThings will be tightly
integrated with Maingate and our AirVantage® cloud to provide a
leading-edge managed connectivity service for pan-European
customers.”
MobiquiThings is an MVNO focused on managed connectivity
services for the Internet of Things, with broad segment experience
including the energy, transportation, security, retail, and
healthcare markets. MobiquiThings has a unique technology platform
that includes MobiquiSIM, a dynamic attachment service that
provides its customers with superior radio access network coverage
and industry leading QoS, as well as SIM provisioning and
management for 2G, 3G, and 4G connectivity. The company has more
than 75 customers and more than 100,000 wireless connectivity
subscribers.
“Since founding the company in 2010, we have been focused on
developing an advanced wireless connectivity platform, including a
secure and resilient mobile core network platform, integrated
information systems and seamless best-in-class multi-operator
connectivity,” said Cyril Hullin, co-founder and CEO of
MobiquiThings. “As we rapidly grow our position in the IoT market,
we are very excited to be able to combine our technology and
service offerings with Sierra Wireless, given the strong strategic
fit between the companies.”
Sierra Wireless has agreed to purchase all of the shares of
MobiquiThings for €14 million in cash, plus a performance-based
earnout formula that extends into 2017.
In 2015, MobiquiThings is expected to generate revenue of
approximately €3.0 million and breakeven Adjusted EBITDA (earnings
before interest, taxes, depreciation and amortization).
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the
Internet of Things with intelligent wireless solutions that empower
organizations to innovate in the connected world. We offer the
industry’s most comprehensive portfolio of 2G, 3G and 4G embedded
modules and gateways, seamlessly integrated with our secure cloud
and connectivity services. OEMs and enterprises worldwide trust our
innovative solutions to get their connected products and services
to market faster. Sierra Wireless has more than 950 employees
globally and operates R&D centers in North America, Europe and
Asia. For more information, visit www.sierrawireless.com.
About MobiquiThings
MobiquiThings is a leading mobile virtual network operator that
is dedicated exclusively to the Machine-to-Machine (M2M) and
Telematics marketplace across Europe. It provides an optimized
deployment experience and highest possible quality of service to
its rapidly expanding customer base. With its worldwide footprint
and anywhere anytime multi-operator capability, it delivers
market-leading connectivity solutions for the Energy, Commercial
Fleet, Vehicle Telematics, Security, Retail and Healthcare markets.
For more information, visit http://www.mobiquithings.com
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These forward-looking statements
relate to, among other things, the completion of the acquisition,
plans and timing for the introduction or enhancement of our
services and products, statements about future market conditions,
supply conditions, channel and end customer demand conditions,
revenues, gross margins, operating expenses, profits, and other
expectations, intentions, and plans contained in this press release
that are not historical fact. Our expectations regarding future
revenues and earnings depend in part upon our ability to
successfully develop, manufacture, and supply products that we do
not produce today and that meet defined specifications. When used
in this press release, the words "plan", "expect", "believe", and
similar expressions generally identify forward-looking statements.
These statements reflect our current expectations. They are subject
to a number of risks and uncertainties, including, but not limited
to, changes in technology and changes in the wireless data
communications market. In light of the many risks and uncertainties
surrounding the wireless data communications market, you should
understand that we cannot assure you that the forward-looking
statements contained in this press release will be realized.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150623006562/en/
Sierra WirelessDavid Climie, +1-604-231-1137VP Investor
Relationsinvestor@sierrawireless.com
Sierra Wireless (TSX:SW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sierra Wireless (TSX:SW)
Historical Stock Chart
From Apr 2023 to Apr 2024